London-based Titanium Asset Management has agreed to a reverse takeover of three investment advisors which will result in the enlarged group having about $3.33 billion of assets under management. The investment management holding company, which listed on the AIM in June, is buying Wood Asset Management and Sovereign Holdings, as well as certain client mandates from Siesta Key Capital. Titanium is paying $31.5 million for Wood Asset Management, together with earn-out payments of up to $4 million to its founder and president Gary Wood. Titanium is to pay an initial $5.5 million to buy Sovereign. Last month Titanium Asset Management recorded a net loss of $60,000 for the period from its incorporation on 2 February to 30 June. Operating costs of $263,000 were partially offset by $203,000 in interest received on the company’s cash pile.