Wealth manager Titan Wealth has acquired investment research and consultancy firm Square Mile for an undisclosed amount, subject to regulatory approval.
The acquisition takes Titan Wealth’s AUM to £12bn.
Square Mile has a 21-strong team of research analysts covering UK retail funds as well as an investment management team responsible for its MPS solutions and its consultancy services for financial intermediaries and institutions.
It will continue to operate under its own brand following the acquisition and its management and wider team will remain in place.
The acquisition includes £2.6bn in assets under management currently held within Square Mile’s MPS portfolios and will allow Titan Wealth to further expand its low-cost MPS proposition.
Titan Wealth will also benefit from Square Mile’s industry relationships across the financial advice and asset management sectors.
Andrew Fearon, Joint chief executive and head of M&A at Titan Wealth said: “Square Mile is a highly-reputable business whose products and services integrate seamlessly with Titan’s. This latest acquisition further bolsters our aim to bring high-quality administration to the asset and wealth management sector through our client to custody solutions.”
Richard Romer-Lee, Square Mile’s chief executive, said: “This acquisition represents a very exciting opportunity for our clients, the business and our team. The backing of Titan Wealth will help us strengthen our client offerings, supports Square Mile’s long-term growth aspirations and opens new professional avenues for our staff within the broader group.”
Titan is a discretionary fund management business, targeting £50bn in assets under administration over the next three to five years and assets under management of £40bn.
The acquisition is the third for Titan this year. Last month it acquired the UK investment management arm of investment services provider Ravenscroft for an undisclosed sum.
In January Titan acquired Chartered Financial Planning firm Telford Mann for an undisclosed sum.
Titan is backed by private equity firms Parthenon Capital Partners, Ares Management, Maven Capital Partners and Hambleden Capital.
Square Mile is an independent investment consulting and research business launched in January 2014, focusing on in-depth, qualitative fund research.
