Ravenscroft has completed the sale of its wealth management business to Titan Wealth following shareholder and regulatory approval.
The sale sees the discretionary, cash management, stockbroking, execution only and precious metals parts of Ravenscroft move to the ownership of Titan Wealth. Robin Newbould, the former Managing Director of operations at Ravenscroft, has been appointed Chief Executive Officer (CEO) of the business in the Channel Islands and will manage its integration into Titan Wealth, as well as the expansion of the business internationally alongside Mark Bousfield, MD of investments, and the senior management team. Jon Ravenscroft has stepped down as Ravenscroft group CEO and will now concentrate on corporate finance, investment into local entities and property management, which will retain the Ravenscroft name.
‘I am delighted that our shareholders, many of whom are Ravenscroft long-standing clients and employees, voted overwhelmingly in favour of the sale to Titan Wealth. I am 100% confident that we have found the right partner in Titan Wealth to take forward the wealth management part of Ravenscroft, realise its potential and continue meeting our clients’ investment needs,’ said Mr Ravenscroft.
‘I have worked with Robin for many years, he was alongside me when we established in 2005, and so am delighted that he is becoming CEO. He knows the business inside out and will thrive as Ravenscroft becomes part of the Titan Wealth group, supported by both senior management and the wider team. Ravenscroft represents an incredible bunch of people who I have been proud to work alongside with and, now as a client and a shareholder, I look forward to watching the continued growth of the business in the Channel Islands and the wider Titan Wealth group.’
Mr Newbould has worked in offshore finance for more than 25 years and helped establish Cenkos Channel Islands (which later became Ravenscroft). He moved to head up the Jersey office of Ravenscroft in 2009, before leaving to become managing director of BullionRock in 2012, rejoining in 2017 following the acquisition of that business, now Ravenscroft’s precious metals service.
‘Whilst Ravenscroft has seen considerable change over the last 19 years, the focus on our clients, and on providing them with the products and services they want, has not. That focus remains as strong as ever as we become part of Titan Wealth,’ he said.
‘It’s an exciting time to become CEO: I am confident that Ravenscroft will play a significant and strategic role in Titan Wealth’s future expansion plans, and that this will bring benefit to our clients, our team, our shareholders and to the Channel Islands generally.’
