Saltus snaps up Tavistock advice businesses in £37mn deal

The new combined business will have assets under advice and management of more than £7bn adding more than 300 staff, with this deal contributing £2.4bn of assets under advice and more than 140 advisers. 

Saltus has bought the assets of Tavistock Partners (UK) Limited, including the Abacus Associates Financial Services and Duchy brands. It has also purchased Tavistock Estate Planning Services Limited.

Both Abacus and Duchy operate as trading styles of Tavistock Partners (UK) Limited.

Following the deal, the purchased Tavistock 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.

It will operate as a discrete business unit.

According to Macintosh, Abacus had already been an “important client” for Saltus and the firm was looking after some of Abacus clients’ investments. 

“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.  

“The entrepreneurial attitude, track record of putting clients first and wider culture at Abacus fit well with our own, recently recognised in our success in The Sunday Times Best Places to Work awards,” he added.

Macintosh said the combined business will benefit from Saltus’ platform and its client and adviser facing technology. 

Brian Raven, chief executive at Tavistock, said: “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.”

The deal will allow Tavistock to continue reshaping the group “to optimise the balance between regulatory risk and commercial reward”, according to Raven.

alina.khan@ft.com