Titan Wealth has formalised its strategic partnership with US private equity firm Parthenon Capital, after the Financial Conduct Authority authorised a change of control.

The transaction, which was first announced in February and is expected to close later this month, will see Parthenon become the majority shareholder in Titan.

As the largest shareholder, the private equity firm will provide Titan with financial backing to deliver integrated financial advice, investment, and platform services through a client-to-custody strategy, the firm said.

Titan Wealth acquires Square Mile

Access to additional capital will also help support Titan's ongoing M&A activity, it added. Last month, the firm acquired IFA Prism Financial Advice, increasing its total assets under management and advice to £12.6bn. 

The move came following the acquisition of Square Mile Investment Consulting and Research and the firm's £2.6bn in model portfolio services AUM, as well as Ravenscroft's UK-based investment management business, earlier this year.

Andrew Fearon, joint CEO and head of M&A at Titan, said the deal supports the firm's overall acquisition strategy, stating that the transaction was "instrumental" for its future growth plans as a business. 

"Parthenon's substantial expertise in growing and developing businesses will also be invaluable for Titan, as we continue with our growth plans," he added. 

PE-backed Titan Wealth acquires Ravenscroft's UK investment management business

Andrew Dodson, managing partner at Parthenon Capital, said: "Titan is a fantastic business and the perfect investment for our first venture into the UK wealth market. 

"From our many conversations with the team, it is clear that our strategic ambitions for the Titan business are very much in alignment. 

"We look forward to working with the Titan team as they continue to build on the strong track record of growth and enhance the business's unique, vertically integrated client-to-custody support."