Ravenscroft sells investment arm to Titan
RAVENSCROFT has confirmed that it is selling the investment and wealth management side of its business to the UK-based wealth group Titan Wealth – but local managers will continue to lead the business.
The firm’s discretionary investment management, advisory investment services, cash management, execution only trading and precious metals operations will all be part of the deal.
But one person who will not be is founder Jon Ravenscroft, who will continue to run his corporate finance and property management businesses under the Ravenscroft name.
He is taking a significant shareholding in Titan as part of the deal. The figures involved have not been disclosed.
Titan Wealth had already bought the Ravenscroft UK investment management business and this new deal takes its assets under management to £27.2bn. It has ambitions to take that beyond £100bn over the next three to five years. Ravenscroft has about £8bn under management.
‘Ravenscroft is unrecognisable from the company it was almost two decades ago and I am proud of everything my incredible team has achieved,’ Mr Ravenscroft said.
‘I want to thank shareholders and clients for their unwavering commitment throughout. It was clear that future growth and expansion in order to realise the true potential of both the offering and our staff, required a change.
‘It needed to be with the right people who had a client-first ethos, shared our passion for community support, who were committed to ensuring that there were no job losses and who wanted to grow the business to bring benefit to both the Guernsey and Jersey economies, so I am delighted we have found those values in Titan Wealth.’
Group managing directors Mark Bousfield and Robin Newbould will lead the local Titan operation, which will be rebranded to Titan International next year.
Titan will now have investment management and funds in Ireland and the Channel Islands, an offshore platform and custody offering in the islands and the ability to provide financial advice in both the UAE and Europe.
Andrew Fearon, joint group CEO and head of M&A at Titan Wealth, said the acquisition would significantly expand the group’s international footprint.
He said that Titan’s key people had had a relationship with the Ravenscroft management team for a couple of years.
‘We have been impressed by the strength of the team and business, the values and client relationships that they have developed and continue to nurture. We look forward to seeing what we can achieve together now that they are part of the wider business.’
