Wealth manager prepares for US expansion

Wealth manager prepares for US expansion

Wealth management group Kingswood Holdings has appointed a US chief executive as part of its international expansion plans, with the company in discussions to gain a foothold in the US in the "very near future".

Najib Canaan has been appointed to the role of US chief executive and joins from investment management company Marinus Capital Advisor, where he was a founding partner and chief investment officer.

Kingswood has more than 4,500 clients and assets under management of £1.9bn, having completed the acquisition of East Yorkshire IFA business Marchant McKechnie in October 2018 and Thomas & Co Financial Services in Oxford for £3.3m last month.

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Kingswood continues to pursue investments across the UK and stated it has a pipeline in excess of £100m under evaluation.

But the wealth manager stated it saw a "big growth opportunity" in the US.

A spokesperson said: "Kingswood is in active discussions to gain a foothold in the US market in the very near future and continues to actively pursue its goal of growing the business globally."

Gary Wilder, group chief executive at Kingswood, said: "We've made huge strides in expanding and reinforcing the Kingswood brand in the UK over the last 12 months and we see the US as a really exciting market.

"I'm delighted to welcome Najib to Kingswood, his extensive knowledge and experience will be invaluable as we grow in the US."

Mr Canaan said: "I was immediately impressed with Kingswood's ambition to grow the business internationally.

"The firm is actively looking to grow in a market that is expanding rapidly and I'm excited to extend our distribution channels.

"I'm looking forward to joining Kingswood at such a pivotal point in the firm's development."