Each week, Private Banker International selects a deal that highlights the biggest trends and themes in the sector. It may not always be the largest deal in value, or the highest profile, but it will tell us where the leading companies are focusing their efforts, and why. 

The deal

Titan Wealth has acquired investment research and consultancy firm Square Mile. The deal is subject to regulatory approval.

Square Mile brings a wealth of expertise in a 21-strong team of research analysts covering UK retail funds. In addition, the investment management team is responsible for Square Mile’s range of MPS solutions and consultancy services for financial intermediaries and institutions.

Furthermore, Titan Wealth will be a long term shareholder for Square Mile and will aid development and growth.

Why it matters

Andrew Fearon, joint CEO & head of M&A at Titan Wealth, said: “Square Mile is a highly reputable business whose products and services integrate and align seamlessly with Titan’s. This latest acquisition further bolsters our aim to bring high-quality execution and administration to the asset and wealth management sector through our our client to custody solutions and services.”

Richard Romer-Lee, Square Mile’s CEO, added: ”This acquisition represents a very exciting opportunity for our clients, the business and our team. The backing of Titan Wealth will help us strengthen and broaden our clients offerings, supports Square Mile’s long-term growth aspirations and opens new professional avenues for our staff within the broader group. Moreover, Titan Wealth and Square Mile have a close cultural fit with a client-centric approach and a focus on delivering superior customer outcomes and we are confident that this development will bring significant benefits to all.”

The detail

The acquisition encompasses approximately £2.6bn ($3.3bn) in assets under management (AuM) currently held within Square Mile’s MPS portfolios.

Also, it will enable Titan Wealth to further expand its competitive, low-cost MPS proposition. Additionally, Titan Wealth will benefit from Square Mile’s broad industry relationships across the financial advice and asset management sectors.

Square Mile will continue to operate under its own brand following the deal. Management and the wider team will also remain in place both supporting and being supported by Titan Wealth in achieving targets.

The acquisition takes Titan Wealth’s AuM to £12bn and strengthens the fully integrated client to custody solutions.