Titan Wealth Holdings is to acquire Cardale Asset Management, as part of its ongoing strategy to bring a new proposition to the wealth and asset management sector.
Based in Harrogate, North Yorkshire, Cardale is an independent investment management business, with turnover of £16m and EBITDA of £9.4m (for FY 2021), and provides portfolio management, stockbroking and financial planning services to private clients.
Since its launch in 2003 Cardale has seen sustained growth, reaching £1.5bn in assets under management (AUM) which it manages for approximately 3,500 clients, and employing circa 70 financial and investment professionals under the leadership of an experienced Board.
James Kaberry and Andrew Fearon, joint-CEOs of Titan Wealth, said: “We are delighted to welcome the team at Cardale to Titan Wealth. Cardale is a highly profitable and well-respected business with a focused and proven investment process that consistently delivers outperformance to its client portfolios.
“Cardale will form a key part of Titan’s central investment proposition and enhance the Group’s distribution capabilities, providing Titan Wealth with a significant presence in the North of England, making it an excellent strategic, geographic and cultural fit for both parties.
“This marks another important milestone for Titan Wealth in our journey to drive reform of the sector, to create value and provide more integrated and flexible services to investment managers, IFAs and clients and we are excited by the future growth opportunities.”
Titan Wealth launched in June 2021 with the acquisition of two investment and wealth management businesses – GPP and Tavistock Wealth Limited. The acquisition of Cardale is anticipated to double Titan Wealth’s revenues and will also support its continued growth towards meeting its target of £20-30bn in AUM within four years of launch.
Andy Tod, CEO of Cardale, said: “Having established Cardale in 2003 and grown the business organically since inception, now is the right time to find a partner with the expertise and reach that will take us to the next level and ensure we continue to deliver a compelling offering for our existing and prospective clients.
“In Titan Wealth we have found a highly complementary partnership with strong cultural alignment that will drive growth in our client base and distribution capabilities, allowing us to continue to invest in our operations and client service.
“It is a testament to the positivity associated with the acquisition that all existing Cardale employee shareholders will be reinvesting in the new business. We are very much looking forward to working with the team at Titan Wealth.”
The acquisition is expected to complete in March/April 2022, subject to regulatory approval, and after which Titan Wealth will have AUM of £5.2bn.
Cardale will operate under the Titan Wealth holding group and retain its existing model, leadership and brand.
Titan Wealth was advised by Spencer House Partners, Gateley Legal, and BDO.
