July 5, 2022

Finance & Economy

Let's Talk About Investment

Titan Wealth buys Cardale Asset Management

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Titan Wealth has bought Cardale Asset Management, as part of its ongoing strategy to bring a “new proposition” to the wealth and asset management sector.

Based in Harrogate, North Yorkshire, Cardale is an independent investment management business, with turnover of £16m and EBITDA of £9.4m (2021).

The acquisition is expected to complete in March or April 2022, subject to regulatory approval, and after which Titan Wealth will have assets under management (AUM) of £5.2bn.

Cardale will operate under the Titan Wealth holding group and retain its existing model, leadership and brand.

Titan Wealth was advised by Spencer House Partners, Gateley Legal, and BDO.

It provides portfolio management, stockbroking and financial planning services to private clients.

Since its launch in 2003, Cardale has experienced fast and sustained growth, reaching £1.5bn AUM.

It manages this for around 3,500 clients, and employs around 70 financial and investment professionals.

Titan Wealth launched in June 2021 with the acquisition of two investment and wealth management businesses – GPP and Tavistock Wealth.

The acquisition of Cardale is anticipated to double Titan Wealth’s revenues and will also support its continued growth towards meeting its target of £20-30bn in AUM within four years of launch.

James Kaberry and Andrew Fearon, joint-chief executives of Titan Wealth said the deal will form a key part of Titan’s central investment proposition and enhance the group’s distribution capabilities.

They said it will provide Titan with a “significant presence” in the North of England.

Cardale CEO Andy Tod added: “Having established Cardale in 2003 and grown the business organically since inception, now is the right time to find a partner with the expertise and reach that will take us to the next level and ensure we continue to deliver a compelling offering for our existing and prospective clients.

“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.”

Titan Wealth buys Cardale Asset Management