The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Saltus, Tavistock
Wealth manager Saltus has just acquired Tavistock’s financial advice businesses, Tavistock Partners and Tavistock Partners (UK), subject to approval from the regulator, for a total consideration of up to £37.75 million ($49.75 million).

The new combined business will have assets under advice and management of over £7 billion and more than 300 staff – with this transaction contributing £2.4 billion of assets under advice, and more than 140 advisors and staff of 95.

The business will continue to be managed by the existing managing director of Abacus Associates Financial Services, Mal Harper, who will report to Saltus managing partner, Jon Macintosh, the firm said in a statement. It will operate as a discrete business unit, complementing Saltus’s existing business units

The deal is scheduled to complete in the autumn, following regulatory and Tavistock shareholder approval.

“Abacus is already an important client for Saltus; we have been looking after some of Abacus clients’ investments for some time. We have been helping to turn around the performance of their in-house investment management proposition and we have got to know each other well,” Macintosh said.

“Moreover, the combined business will benefit substantially from having access to the investments we have made at Saltus, particularly in our platform and our client and advisor-facing technology,” he added.

The Saltus group currently employs over 200 people and has assets under management of over £5 billion. Tavistock Investments is an AIM-listed financial services group which has more than 400 advisors across the UK helping some 40,000 clients look after more than £6.0 billon of investments.