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Selling your financial planning business
15
Sep

Tatton acquires Fintel arm for over £5m

Tatton Asset Management has acquired Fintel’s multi-asset fund business Verbatim in a deal worth £5.8m.

The transaction will bring around £650m in assets under management and new finance technology to Tatton. Meanwhile, there will be “no immediate changes” to the funds.

Paul Hogarth, chief executive officer, said:

“I am very happy to announce the acquisition of £650m of the Verbatim funds. Additionally, this five-year strategic partnership with Fintel plc, a firm whose strategy and values align with our own; keeping the IFA at the heart of our respective businesses.

“The transaction clearly demonstrates the progress we are making in executing on our growth strategy. We have set out a roadmap for growth over the next three years, growing our AUM organically and by acquisition. This will extend our reach to the IFA community, the lifeblood of our industry, through strategic partnerships. 

“This transaction is evidence of that strategy in action. It enhances our proposition to IFAs and their clients further, with the multi-index and multi-asset funds complementing and extending our current fund range.”

As part of the deal, Fintel, previously known as SimplyBiz, has entered a five-year partnership with Tatton, whereby Tatton will gain access to thousands of Fintel’s financial intermediary firms and Defaqto users. 

Last November, Tatton secured £30m in order to fund strategic acquisitions. After an unsuccessful bid for Architas, which was purchased by Liontrust in July, the Verbatim deal represents Tatton’s first significant acquisition since the funding.

Mr Hogarth added:

“We are excited to be working more closely with Fintel, which we have known and respected for a long time. I have no doubt that this is a fantastic opportunity for both businesses to continue to deliver against their strategic objectives, while delivering real shareholder value.”

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