Wealth manager and Financial Planner Tavistock Investments has won an interim award of £250,000 in its legal battle with Titan Wealth Services Limited and Titan Asset Management.

Tavistock says that at a court hearing on 11 December, the court ruled in favour of Tavistock on “all matters.”

Titan has been ordered to pay to Tavistock an interim amount on account of costs of £250,000 within 28 days of the hearing.

Tavistock says will continue to pursue its claims against Titan and to “vigorously defend the claims brought against it.”

In a stock market update today, Tavistock provided an update on its litigation with Titan Wealth Services Limited and Titan Asset Management Limited ("Titan").

In June, Tavistock applied to the court to expand the scope of its counterclaims against Titan to include new causes of action in respect of Titan's Model Portfolio Service (MPS) for breach of confidence, alleged misuse of trade secrets and copyright infringement and to add Titan Wealth Holdings Limited as an additional party. 

Titan opposed the application and itself applied to strike out and/or for summary judgment in relation to parts of Tavistock's counterclaims.

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 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.

A spokesman for Titan Wealth told Financial Planning Today: "We respect the court’s decision that, procedurally, the defendants have satisfied the low threshold required to introduce into their pleading the amendments Titan has been contesting. Titan nevertheless maintains that the defendants’ counterclaims are factually and legally flawed and are likely to fail at the trial, which remains listed to take place in the summer of 2027."