Discretionary fund manager Titan Wealth has announced the purchase of Gateshead-based financial adviser, Prism Financial Advice, boosting its total assets under management/advice to more than £12.6bn.
Prism, which has been in business for 18 years, has a team of 17 independent financial advisers, 25 support staff and over £630m assets under advice. Most (67%) of its 3,700 clients live in the north of England.
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Andrew Fearon, joint chief executive and head of M&A at Titan, commented: “Prism is a well-run business, with a strong reputation in the industry. This acquisition will further bolster the Titan network, allowing us to enhance the advisory offering that forms part of our client-to-custody solutions and services.”
Prism managing director Stephen Price said: “Over the last year we have worked very closely with Titan’s senior leadership to establish if this was the right move for all parties, and we have been impressed with their like-minded approach, openness and vision.
“Our decision to become part of Titan was reached after much research and analysis of their business structure, their culture, their plans for growth and development and the benefits such a move would bring to our clients, employees and the wider Titan group.”
The acquisition is subject to regulatory approval.
