The latest developments in financial products and investments from around the world.

Mattioli
Mattioli Woods, the UK wealth manager, has bought all the share capital of Richings Financial Management for an initial sum of £900,000 ($1.232 million) with a potential further consideration of up to £900,000 after two years. This follows another Mattioli Woods wealth management deal earlier in August.

Founded in 1991, Richings is a financial planning and wealth management business, working with more than 270 private client families with approximately £70 million assets under advice. Richings employs four staff, all of whom will remain with Mattioli Woods following completion.  They are located in Iver, Buckinghamshire.

“Clive Ridge (director of Richings) shares the Mattioli Woods philosophy of putting clients’ best interests at the forefront of his advice. The families looked after by Richings will benefit from the range of products and services offered by Mattioli Woods and we look forward to working with Clive and his experienced team in ensuring high standards are maintained and built upon in the South East,” Ian Mattioli, chief executive officer of Mattioli Woods, said.

Ascot Lloyd
Ascot Lloyd, the UK independent financial advisor firms, has completed its purchase of Aberdeen-based Central Investment Services (Scotland), another IFA firm. The deal adds to Ascot Lloyd’s 12 acquisitions over the last 12 months.

Collectively the acquisition adds £761 million ($1.042 billion0 in “funds under influence”, eight IFAs as well as a team of support staff to Ascot Lloyd. 

The acquisition supports Ascot Lloyd’s commitment to serving the full breadth of the UK with its market-leading advisory services. As a result of the acquisition, Ascot Lloyd has become one of the largest financial advisor firms in Aberdeen.

The financial terms of the transaction were not disclosed. 

Tavistock, Titan Wealth
London-listed financial services group Tavistock has completed its sale of Tavistock Wealth Limited to fellow UK firm Titan Wealth Holdings, for up to £40 million in cash.

The announcement comes after Tavistock said in June this year it had entered a 10-year strategic partnership with Titan Wealth. Tavistock acts as Titan Wealth's retail distribution partner and Titan Wealth has acquired Tavistock Wealth Limited, Tavistock's multi-asset manager with over £1 billion of funds under management. 

While becoming part of Titan Wealth, John Leiper, Tavistock's chief investment officer, and his investment team will continue to work closely with Tavistock and its advisors.

A new company, Tavistock Asset Management, now markets the group's centralised investment proposition, both the ACUMEN UCITS funds and the Group's Model Portfolio Service. TAM will retain Titan Wealth as investment manager for the MPS.

Tavistock's shareholders gave their approval for the transaction on 23 July 2021. The Financial Conduct Authority granted change in control approval on 9 August 2021.