A Gateshead financial advice firm has been snapped up by a London wealth group in an undisclosed deal.

Prism Financial Advice Ltd has been acquired by Titan Wealth Holdings in a transaction which will boost Titan’s total assets under management to more than £12.6bn. Established in 2004, Prism offers expertise on financial planning, including pensions, investments, and protection, with 17 independent financial advisers, 25 support staff and over £630m assets under advice.

The firm was established by Stephen Price, Mike Smith and Neil McGann, and advises around 3,700 private and corporate clients , 67% of whom live in the North of England. Subject to regulatory approval, Prism will be fully incorporated into Titan, benefitting from access to Titan’s wider group product and services in the process.

Andrew Fearon, joint CEO and head of M&A at Titan, said the acquisition represents a valuable opportunity for the company to expand its geographical footprint across the Ƶ. Mr Fearon said: “Prism is an extremely well-run business, with a strong reputation in the industry. This acquisition will further bolster the Titan network, allowing us to enhance the advisory offering that form part of our client to custody solutions and services.”

Stephen Price, managing director at Prism, said: “I, and my fellow owners/directors, Michael Smith and Neil McGann believe the acquisition of Prism by Titan, represents a significant move forward in the growth and development of the business, and a sound endorsement of our drive to be the adviser of choice for those who seek truly independent financial advice. Over the last year we have worked very closely with Titan’s senior leadership to establish if the acquisition of Prism was the right move for all parties, and we have been very impressed with their likeminded approach, their openness, their vision, and their strong commitment to deliver market leading financial solutions to consumers.

“Our decision to become part of Titan was reached, only after much research and analysis of their business structure, their culture, their plans for growth and development, and the benefits such a move would bring to our clients, our employees, and the wider Titan group. In all respects, we are now very clear that the acquisition will deliver immediate and long term benefits on all those fronts and further establish the group as major force in Ƶ financial services.

“We are delighted to be joining Titan, as it continues to expand and diversify its portfolio and look forward to working with the whole team to enhance who we are, what we do, and how we do what we do.”