Titan Wealth has brokered a deal to buy Cardale Asset Management , a North Yorkshire-based independent investment management business, for an undisclosed amount.

The deal, part of Titan’s strategy to launch a new proposition to the wealth and asset management space, is expected to double its revenues.

Launched in 2003, Cardale offers portfolio management, stockbroking and financial planning services to approximately 3,500 private clients.

The firm registered a turnover of £16m and an EBITDA of £9.4m in fiscal 2021.

It will add £1.5bn in assets under management (AUM) and about 70 financial and investment professionals to Titan.

Titan Wealth joint-CEOs James Kaberry and Andrew Fearo said: “Cardale will form a key part of Titan’s central investment proposition and enhance the group’s distribution capabilities, providing Titan Wealth with a significant presence in the North of England, making it an excellent strategic, geographic and cultural fit for both parties.”

Titan launched in June last year with the takeover of investment and wealth management businesses GPP and Tavistock Wealth.

The deal will accelerate Titan’s ambitious plan towards achieving £20 to £30bn in AUM within four years of launch.

Following this transaction, Titan Wealth will have £5.2bn in assets.

Commenting on the deal, Cardale CEO Andy Tod said: “In Titan Wealth we have found a highly complementary partnership with strong cultural alignment that will drive growth in our client base and distribution capabilities, allowing us to continue to invest in our operations and client service.

“It is a testament to the positivity associated with the acquisition that all existing Cardale employee shareholders will be reinvesting in the new business. We are very much looking forward to working with the team at Titan Wealth.”

The acquisition is expected to be concluded in the coming months, subject to regulatory approval.

Cardale, which will retain its current model, leadership and brand, will operate under the Titan Wealth holding group following the transaction.