Titan Wealth Reaches Deal for Investment Management Company | Yorkshire Deals News

left: Peter Heckingbottom, Andrew Tod and Mark Puleikis of Cardale Asset Management

A £16m investment management firm based in Harrogate is set to be acquired by Titan Wealth Holdings.

Cardale Asset Management provides portfolio management, brokerage and financial planning services to private clients.

Since its launch in 2003, Cardale has reached £1.5 billion in assets under management (AUM), which it manages for around 3,500 clients, and employs around 70 finance and investment professionals under the leadership of its experienced Board of Directors.

The company reported revenue of £16m and EBITDA of £9.4m for the 2021 financial year.

The acquisition is part of London-headquartered Titan Wealth’s ongoing strategy to bring a fresh proposition to the wealth and asset management industry.

James Kaberry and Andrew Fearon, joint managing directors of Titan Wealth, said: “We are delighted to welcome the Cardale team to Titan Wealth. Cardale is a highly profitable and well-respected firm with a focused and proven investment process that consistently delivers outperformance. to its client portfolios.

“Cardale will form a key part of Titan’s core 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 culture for both parties.

“This marks another important milestone for Titan Wealth on our journey to drive industry reform, create value and provide more integrated and flexible services to investment managers, IFAs and clients and we are excited about the future growth opportunities.”

Titan Wealth was launched in June 2021 with the acquisition of two investment and wealth management firms – GPP and Tavistock Wealth.

The acquisition of Cardale is expected to double Titan Wealth’s revenue and support growth towards its target of £20-30 billion in assets under management within four years of launch.

Andy Tod, Managing Director of Cardale, added: “Having established Cardale in 2003 and grown the business organically since its inception, the time has come to find a partner with the expertise and reach that will take us to the next level and will ensure we continue to deliver a compelling offer to our existing and potential clients. At Titan Wealth, we have found a highly complementary partnership with strong cultural alignment that will drive the growth of our client base and distribution capabilities, allowing us to continue to invest in our operations and customer service.

“It is a testament to the positivity associated with the acquisition that all of Cardale’s existing employee shareholders will reinvest in the new business. We very much look forward to working with the team at Titan Wealth.”

The acquisition is expected to be completed in March/April 2022, subject to regulatory approval, after which Titan Wealth will have assets under management of £5.2 billion.

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.

Adrian Ballam of Ward Hadaway’s Leeds office is representing Cardale shareholders in the transaction.


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