Titan Asset Management has claimed a Court of Appeal victory after judges ruled that a counterclaim submitted by Tavistock in the two firms’ long-running legal battle should not have been allowed.
Titan overturned a High Court decision that had permitted Tavistock to introduce a counterclaim alleging breach of confidence in respect of Titan AM’s development of its own Model Portfolio Service.
In a judgment handed down on 24 April, the Court of Appeal (Lord Justice Males, with Lady Justice Asplin and Lord Justice Miles agreeing) held that the proposed amendment was "incoherent, self-contradictory and insufficiently particularised" and should not have been permitted by the Court below.
The dispute arose out of the 2021 acquisition by Titan Wealth Services Limited of Tavistock Wealth Limited (now Titan AM), which managed a series of investment funds including the Acumen Funds.
Following the acquisition, the parties entered into an Outsourced Management Agreement under which Titan AM continued to provide investment management services, including research and investment recommendations, to Tavistock's retained Model Portfolio Service.
Tavistock had sought to allege that Titan AM misused Tavistock's confidential information to create a rival Model Portfolio Service. However, the Court of Appeal found fundamental flaws in Tavistock's pleaded case.
In particular, the court identified that the premise of Tavistock's claim, that Tavistock had communicated confidential information to Titan AM, did not correspond with reality. In fact, it was Titan AM that carried out the investment research and made recommendations to Tavistock under the outsourcing arrangement.
The court also found that the definition of confidential information relied upon by Tavistock was so broad as to make it impossible for Titan to understand the case against it.
A spokesperson for Titan said: "We are pleased that the Court of Appeal has vindicated our position. This counterclaim was always without proper foundation and we are glad that the court has recognised the importance of requiring properly particularised claims."
The legal action marks a long running spat between the two companies which were once partners.
In June 2021, Tavistock announced its entry into a 10-year strategic partnership with Titan Wealth Services Limited. As a part of the arrangements Titan acquired Tavistock's asset management business and range of risk rated UCITS sub-funds, branded Acumen.
According to claims by Tavistock, less than a year into the partnership it uncovered “multiple breaches” by Titan of the strategic partnership agreement and earnout arrangements.
In July 2025 Tavistock terminated its 10-year strategic investment partnership with Titan Wealth, blaming “unacceptable performance.
Titan subsequently issued a counter statement accusing Tavistock of “serious wrongful conduct” in ending the deal under which Titan managed Tavistock funds.
Tavistock blames Titan’s management of the acquired business to a collapse in the performance of the Acumen funds.