The Saltus Partnership Holdings gave Tavistock Investments 22 million pounds ($28 million) in cash for the sale of its businesses, the company said.
The U.K. financial services group is shifting its focus from providing regulated third-party advice firms and the public with asset management services to selling its network of self-employed registered individuals through Tavistock Partners and Tavistock Estate Planning Service. It said last month that it would be buying Alpha Beta Partners to make the U.K. private investment market bigger.
The company said on Monday that the deal with wealth manager Saltus, which was revealed in early October, gave it the first look.
This, along with an acquisition debt funding facility from the Bank of Ireland, puts it in a good situation to quickly grow its business and make money, Tavistock said.
CEO Brian Raven said, “We are making real progress in repositioning our dynamic asset management business.”
