Kingswood has exchanged and completed the purchase of advisory firm Smith Pearman and Associates, as it signals a further seven purchases in the pipeline.
Kingswood chief executive officer David Lawrence welcomed the new team of "highly skilled professionals" from Smith Pearman and Associates.
He said Smith Pearman and Associates has "established itself as a reputable, dynamic and client centric business over the past 30 years.
“This deal also reinforces our presence in Hampshire, building on our recent acquisition of AiM Independent and creating a sustainable hub in the region.”
Lawrence added: “We maintain a healthy acquisition pipeline and are currently in exclusive due diligence talks for a further seven potential acquisitions.
"Our near-term target is to build our UK AUM and AUA in excess of £10bn in the U.K. and £14bn globally.”
we are joining the Kingswood group to provide our clients with enhanced levels of financial advice.Steve Eggington, Smith Pearman and AssociatesSmith Pearman and Associates, which has been in business for the past 35 years, looks after over 240 clients with over £70mn assets under advice servicing the Surrey and Hampshire region.
The firm offers tailored services to high net-worth individuals with an existing portfolio, or new investment requirements, based on goals and aspirations.
Smith Pearman and Associates director Steve Egginton, said: “Wishing to build on the success of Smith Pearman and Associates, we are joining the Kingswood group to provide our clients with enhanced levels of financial advice and services for the future.
“Kingswood’s ethos of putting their clients at the forefront of their service proposition dovetails with our own culture of providing great service together with excellent advice.
"We look forward to working with Kingswood to provide a smooth and seamless transition for our clients.”
Back in September 2019, Kingswood received an £80mn commitment from the investment management firm. Some £77.4mn of the £80mn has been set aside for inorganic growth - some of which has been dipped into.
Kingswood said this latest purchase is the sixth one this year, have previously bought South-Yorkshire based DJ Cooke Life and Pensions, Rotherham-based Allots Financial Services, Essex-based Joseph R Lamb Financial Advisers, Eastleigh-based Aim Independent Financial advisers and Lincolnshire-based Vincent & Co Ltd.
Last month, Kingswood also reported record levels of revenue and operating profit in 2021.
Revenue reached £149.7mn, an increase by 488 per cent compared to 2020, and operating profit increased by £5.5mn to £6.3mn.
sonia.rach@ft.com
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