Update on Titan Dispute
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Further to the announcements released by the Company on 8 July 2024 and 11 July 2024, Tavistock today announces that it has received notification that Titan Wealth Holdings Limited ("Titan") has issued a claim against the Company in the High Court.
Tavistock is confident that the claim has no merit and considers it to be a vexatious and retaliatory step following Tavistock's termination of its 10-year strategic partnership with Titan, as announced on 8 July 2024. That termination was as a result of several breaches of contract and sustained unacceptable fund performance (as further detailed in Tavistock's 'Follow up to Titan termination announcement' issued on 11 July 2024 - performance table repeated below).
Tavistock believes that this claim by Titan is an opportunistic and spurious attempt to frustrate the Company's genuine claim for damages which is currently being progressed by the Company's legal representatives.
Tavistock's Chief Executive, Brian Raven, commented:
"Titan's claim is notable for its lack of evidence and much of what it alleges is factually inaccurate. It will be refuted, and our damages claim pursued in due course."
Performance post Titan's breaches of contract (27 th Aug 2022 - 4 th Jan 2024)
| Performance vs Benchmark | Quartile Rank | Fund Rank | Percentile Rank | |
|---|---|---|---|---|
| ACUMEN Portfolio 4 | -7.89% | 4 th | 176/177 | 100 th |
| ACUMEN Portfolio 5 | -8.27% | 4 th | 177/177 | 100 th |
| ACUMEN Portfolio 6 | -9.72% | 4 th | 212/215 | 99 th |
| ACUMEN Portfolio 7 | -11.19% | 4 th | 214/215 | 100 th |
| ACUMEN Portfolio 8 | -13.51% | 4 th | 157/159 | 99 th |
| Average | -10.12% | 4 th | 100 th |
Source of data: FE Analytics
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