Wealth management company Saltus is set to acquire Tavistock’s financial advice businesses, Tavistock Partners Limited (TPL) and Tavistock Partners (UK) Limited (TPUK).

The acquisitions are subject to approval from the regulator and are for a total consideration of up to £37.75m.

Saltus will acquire TPL and the assets of TPUK, including the Abacus and Duchy brands, with the new combined business to have assets under advice and management of more than £7bn, and over 300 staff.

The acquisition will contribute £2.4bn of assets under advice, more than 140 advisers, and 95 further staff.

Abacus Associates Financial Services managing director, Mal Harper, will continue to manage the businesses, reporting to Saltus managing partner, Jon Macintosh.

It will operate as a discrete business unit, seeking to complement Saltus’s existing business units.

The acquisition is scheduled to complete in the autumn following regulatory approval and approval from Tavistock’s shareholders.

Saltus said that the deal represented a “new milestone” for the company as it continues to invest in its businesses and develop its offering for a greater range of partners and clients.

Commenting on the acquisition, Macintosh said the firm was impressed by the record of growth Harper had achieved and the quality of care the Tavistock businesses provide to their clients.

“Abacus is already an important client for Saltus; we have been looking after some of Abacus clients’ investments for some time,” Macintosh continued.

“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.

“The entrepreneurial attitude, track record of putting clients first and wider culture at Abacus fit well with our own.

“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 adviser facing technology.

“This is an important deal for us, and it represents an important milestone in our continued story of investing in our proposition to the benefit of partners, colleagues and clients. We are excited about the future.”

Harper added: “We have been impressed by the quality of Saltus and what Jon [Macintosh] and the team have achieved and the professionalism and quality of the Saltus operation.

“Abacus and our associated operations fit neatly into the Saltus mould and will do much to extend the company’s footprint.

“There is plenty more scope for development and investment to come across the entirety of the business and there is much to be gained from applying Saltus technology across our activities.”

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