Kingswood secures further US deal

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Kingswood secures further US deal

Kingswood Holdings has secured a majority stake in a New-York based advice firm as part of the British wealth manager's continued expansion plans in the US. 

In an update to the market this morning (November 23) the company confirmed a 50.1 per cent holding in Manhattan Harbor Capital, which has now been renamed Kingswood US. 

It is the latest stage in the wealth manager's expansion into the US market, which was first marked in May last year when it took an initial stake in Manhattan Harbor Capital. 

The deal will see Kingswood pump millions into growth plans across the pond, with the company set to contribute a further £6.1m in additional growth equity before the end 2022 to bolster adviser recruitment. 

Gary Wilder, group chief executive at Kingswood, said: "We are thrilled to have now achieved a majority interest in the re-named Kingswood US.

"I have no doubt the capital we deploy will drive exceptional growth across the Kingswood US platform."

Kingswood US comprises independent broker dealer and registered investment adviser businesses across the US with hubs in Atlanta, New York and San Diego.

The company has been vocal in recent years about its plans expand through acquisition in both the UK and US, securing £80m of funding in September last year with investment management firm Pollen Street Capital to fund its pipeline. 

Most recently the wealth manager completed its purchase of Surrey-based IFA Regency Investment Services in a deal worth up to £4.6m and which gained it £320m in assets under management.

rachel.mortimer@ft.com

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