REG - Tavistock Investment - Repositioning of Retail Asset Management business

Tavistock InvestmentsAnnouncement

02/12/2024 07:00

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RNS Number : 2761O  Tavistock Investments PLC  02 December 2024

2 December 2024

Tavistock Investments Plc

 

("Tavistock" or the "Company")

 

Repositioning of Tavistock's Retail Investor Asset Management business

 

 

Tavistock (AIM: TAVI) is pleased to confirm that it has now received, in full,
the £22.0 million of initial cash consideration for the disposal of its
network of self-employed registered individuals to wealth management firm The
Saltus Partnership Holdings LLP, subsequent to the announcement of the
transaction in early October 2024. This follows the successful completion of
the Company's planned reduction of its network of third party appointed
representative firms and enhances the Company's working and development
capital, creating a favourable springboard for growth.

 

The disposal also marks the beginning of a new strategic phase in the
Company's development, in which the provision of asset management services to
regulated third party advice firms and directly to the public will play a much
greater part. The recently announced conditional acquisition of Alpha Beta
Partners ("ABP") is a key strategic step in the Company's refocused
proposition.

 

ABP provides a range of outsourced investment propositions to directly
regulated advice businesses and appointed representative networks. ABP is
noted for its "Dynamic Asset Allocation" process and modular proposition,
providing retail and wholesale investors with institutional techniques rarely
found in this market segment. The success of its outcome-oriented investment
solutions has been recognised by Defaqto's 5 Star and 5 Diamond Ratings for
the past 5 years.

 

The receipt of the initial consideration from the disposal to Saltus, together
with the Company's access to a substantial acquisition debt funding facility
from the Bank of Ireland, means that the Company is particularly well placed
to move quickly to expand its operations and profitability. Tavistock is
focused on meeting the specific needs of private investors, with a corporate
strategy that delivers enhanced returns for reduced levels of risk exposure
and is differentiated by its commitment to excellence and revolutionary
thinking.

 

Within the Tavistock group, Tavistock Private Client has been recognised many
times for excellent advice services to higher net worth individuals, winning
multiple industry awards. It also operates an employee benefits business and
educational finance portal, "Tell Me How".

 

Tavistock Asset Management, augmented by the acquisition of ABP, once
completed, will deliver institutional portfolio management services at a
retail price so that clients benefit from collective buying power, as well as
competitive dealing charges. It has a range of diversified, multi-asset
mandates with risk profiles, levels of active management and portfolio
structures tailored to suit client needs.

 

The third element of Tavistock's wealth management offering, Tavistock
Protect, provides clients with a comprehensive range of life insurance and
critical illness policies and will shortly be expanding into the mortgage
market.

 

Brian Raven, Tavistock's Chief Executive said: "I am delighted that we are
gaining real momentum in repositioning our dynamic asset management business.
Our conditional acquisition of Alpha Beta Partners announced last week is a
key step forward and we are now in a stronger position to generate superior
growth and profitability as we continue to optimise our proposition for retail
investors."

 

 

For further information:

 

 Tavistock Investments Plc                            Tel: 01753 867000

 Oliver Cooke

 Brian Raven

 Allenby Capital Limited                              Tel: 020 3328 5656

 (Nominated adviser and broker)

 Corporate Finance:

 Nick Naylor, Liz Kirchner, Daniel Dearden-Williams

 Sales and Corporate Broking:

 Tony Quirke

 Flagstaff Communications                             tavistock@flagstaffcomms.com

 (Financial PR/IR)

 Tim Thompson

 Alison Allfrey

 Anna Probert

 

 

About Tavistock Investments plc

Tavistock Investments is a specialist wealth and asset management company
focused on meeting the specific needs of private investors and differentiated
by its commitment to excellence and revolutionary thinking.

Within the group, Tavistock Private Client has been recognised many times for
excellent advice services to higher net worth individuals, winning multiple
industry awards. It also operates an employee benefits business and
educational finance portal, "Tell Me How". Tavistock Asset Management,
augmented by the recent acquisition of ABP, delivers institutional portfolio
management services at a retail price, so that clients benefit from collective
buying power, as well as competitive dealing charges. It has a range of
diversified, multi-asset mandates with risk profile, levels of active
management and portfolio structures tailored to suit client needs. The third
element of wealth management, Tavistock Protect, provides clients with a
comprehensive range of life insurance and critical illness policies and will
shortly be expanding into the mortgage market.

Tavistock was founded by CEO Brian Raven, who has been involved in financial
services since 2010 and has a wealth of commercial experience. Together with
Chairman, Oliver Cooke, he founded Card Clear Plc in 1991 to combat the
fraudulent use of plastic payment cards and led it to an AIM listing in 1998.
They then developed a group focused on UK health and fitness sector loyalty
schemes, before Brian invested in the financial services sector in 2010, later
launching Tavistock, along with Oliver, in 2013. The company listed on AIM
that year and has been optimising its business portfolio ever since. Tavistock
recently divested two subsidiary businesses - Tavistock Partners and Tavistock
Estate Planning - to focus predominantly on wealth and asset management
activities. This restructuring has the benefit of optimising the balance of
regulatory risk and commercial reward, as well as providing significant
working and development capital for the group.

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