Kingswood buys stake in US business

Kingswood buys stake in US business

Kingswood, the UK wealth management firm formerly known as European Wealth, has acquired a stake in US business Manhattan Harbor.

Manhattan Harbor is a holding company for businesses based in Atlanta and New York, and has investment advice and stock broking among its services.

Kingswood has acquired 7 per cent of the business for £408,000, but related parties to the company own 20 per cent of Manhattan Harbor.

Kingswood has been focused on US expansion for some time, and in June 2018 pulled out of a deal to acquire a different US-based wealth management.

Gary Wilder, group chief executive at Kingswood, said: "In the last 12 months we have been focussed on growing the Kingswood brand in the UK and on sourcing a best-in-class management team to deliver our US strategy.

"We are delighted to be able to announce our first venture in the US and believe the team and structure we have put together with Manhattan Harbor is a very strong proposition, complimenting our existing offering.

"We are excited to begin this new partnership and our objective remains to grow both organically and dynamically by acquisitions."