Saltus has acquired Tavistock Partners and the assets of Tavistock Partners (UK), including the Abacus and Duchy brands, in a deal worth 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 95 staff.

The deal, which still requires approval from both regulators and Tavistock shareholders, is scheduled to complete in the autumn.

Saltus also confirmed that the new 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.

Macintosh said that Abacus was already an “important client” for Saltus, having previously looked after some of Abacus clients’ investments.

“We have been helping to turn around the performance of its in-house investment management proposition and we have got to know each other well,” he added.

“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.”

Abacus managing director, Mal Harper, commented: “Abacus and our associated operations fit neatly into the Saltus mould and will do much to extend the company’s footprint. There is plenty more scope for development and investment to come across the entirety of the business and there is much to be gained from applying Saltus technology across our activities.”

Tavistock’s chief executive, Brian Raven, added: “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.”

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