"Abacus is already an important client for Saltus; we have been looking after some of Abacus clients’ investments for some time. "
- Saltus managing partner, Jon Macintosh
Saltus has acquired Tavistock’s financial advice businesses, Tavistock Partners Limited (TPL) and Tavistock Partners (UK) Limited (TPUK) for a total consideration of up to £37.75m.
The acquisition will include the Abacus and Duchy brands, and the new combined business will have assets under advice and management of over £7bn and more than 300 staff - with this transaction contributing £2.4bn of assets under advice, over 140 advisers and staff of 95.
The acquisition complements Saltus’s existing activities, a client facing financial planning business and the Saltus Partnership Programme which provides services to entrepreneurial third party financial advisers.
The business will continue to be managed by existing managing director of Abacus Associates Financial Services, Mal Harper, who will report to Saltus managing partner, Jon Macintosh.
The deal is scheduled to complete in the Autumn following regulatory and Tavistock shareholder approval.
Saltus managing partner, Jon Macintosh, said: “We are delighted to welcome Mal and his team on board. We are impressed by the record of growth Mal has achieved and the quality of care he and his colleagues provide to their clients.
"There’s a strong strategic case for this deal and the complementary nature of our two businesses will ensure that 1+1=3.
"Abacus is already an important client for Saltus; we have been looking after some of Abacus clients’ investments for some time. 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.
"Moreover, 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.”
Brian Raven, Tavistock’s chief executive, commented: “We have worked with Mal and his businesses since 2014, so it was important for us to find the best home for him, his advisers and his staff. We believe that is Saltus. Our two businesses may now be moving in different directions, but we wish Mal and his team all the very best for the future.”
Malcolm Harper, managing director of Abacus Associates Financial Services, added: “We have been impressed by the quality of Saltus and what Jon 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. It’s a great cultural fit and our people, partners and clients will be very happy at Saltus and I am thrilled to be joining.”
