Saltus has acquired Tavistock’s financial advice businesses, Tavistock Partners Limited and Tavistock Partners (UK) Limited, subject to approval from the regulator for a total consideration of up to £37.75m.

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 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, complementing Saltus’s existing business units.

The deal is scheduled to complete in the Autumn following regulatory and Tavistock shareholder approval.

The transaction represents a new milestone in the Saltus story, as the company continues to invest in its business and develop its offering for the benefit of a greater range of partners and clients.

This business 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

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.

Saltus enjoys the highest rate of organic growth in the industry, driven in part by a very strong sales and marketing operation, which the Abacus business will benefit from.

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 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.”

If you are looking to sell your business, find out more about the selling your business to Saltus (or others) Gunner & Co. can help you. Book a meeting with our Head of Brokerage Gwill here