British financial advice company Kingswood has expanded into the USA with its latest acquisition.
The company has bought an 85 per cent stake in San Diego-based Chalice Wealth Advisors and Chalice Capital Partners for an undisclosed sum.
Kingswood plans to use Chalice as one of its centralised hubs providing a platform for future acquisitions and product offerings in the US.
The company first expanded into the US earlier this year with the acquisition of New York-based advice firm Manhattan Harbor.
Chalice co-founder Derek Bruton will become chief executive of the acquired business.
Gary Wilder, Kingswood’s Group chief executive, said: "The advantages of this new West Coast hub are that it is immediately earnings accretive with a strong management team that has significant experience in roll-up and consolidation strategies.
"Derek’s experience and understanding of how to scale a business, work effectively with growing financial advisers, and source and manage superior talent will be instrumental to our success.
"The acquisition complements the group’s strategy of seeking new distribution channels for its expanding products and wealth management solutions."
Chalice has assets under management of $1.15bn (£900m) and the combined platform serves 50 independent financial advisers.
Following its most recent UK acquisitions - the £14m deal for Sheffield-based advice firm WFI Financial - Kingswood has around 5,500 active clients and £2.5bn of assets under management and advice.
In September it secured £80m in funding from investment management firm Pollen Street Capital.