Both Kingswood and Mattioli Woods are owned by private equity firm Pollen Street.

UK wealth managers Mattioli Woods and the Kingswood Group – both now owned by private equity having delisted from the stock market – yesterday said they have merged, creating a new £25 billion ($34 billion) UK wealth management group. This is subject to the Financial Conduct Authority’s approval for change in control, expected later this year.

The combined group will serve more than 25,000 clients with £25 billion in assets under administration and advice (AuAA), bringing enhanced capabilities across wealth planning, investment management, and client service, they said in a statement. The combined organisation has more than 40 offices in the UK with more than 200 advisors.

Kingswood and Mattioli Woods said the integration is expected to deliver greater scale, a stronger market position, and an improved client experience. A joint commitment to advisor development and innovation supports their vision for sustainable growth, they said.

The combination of these firms is a case of wealth industry consolidators engaging in consolidation of their own. Kingswood has been a large acquirer of businesses in recent years, seeing its debt burden expand to the point where it would not be able to shoulder it without added support. UK-based private equity firm Pollen Street, which trades as HSQ Investments, bought 68.4 per cent of the voting rights in Kingswood in May last year. Pollen also owns Mattioli Woods, which it bought this year in a £432 million deal. In recent years Mattioli Woods bought firms such as Doherty Pension & Investment Consultancy, Cullen Wealth, and Thoroughbred Wealth Management, among others.

“The combined business will accelerate our journey towards achieving our vision of having the scale to deliver a best-in-class wealth management service to our clients,” Peter Coleman, CEO of Kingswood Group, said. “I am excited to combine with Mattioli Woods, who have a strong reputation of delivering broader services including group benefits and deep expertise in specialist pensions.” 

“Our stated long-term ambition is to become a national wealth management firm with £60 billion in assets and up to 300 advisors. Combining with Kingswood is a transformational moment and sees us accelerate our journey to achieve these goals,” Ian Mattioli (pictured below), CEO and founder of Mattioli Woods Group, added. “This deal brings together two highly complementary businesses with a shared commitment to putting clients first and delivering long-term value. We’ve admired Kingswood’s growth and reputation for some time. Together, we are creating a stronger, more dynamic business that is well-positioned for the future – for our clients and our people.”

Ian Mattioli

At the start of 2025, KPI appointed Coleman (pictured) as its permanent chief executive officer, following regulatory approval.

Peter Coleman

Kingswood has been the subject of speculation about changes for some time. In March 2023, the group confirmed media speculation that it is working with investment banking company Houlihan Lokey to discuss strategic options for its UK business. KPI made 10 M&A deals in 2022 alone, for example. In February last year, KPI’s Irish subsidiary, Moloney Investments (MMPI), completed the acquisition of BasePlan, a Dublin-based retirement planning advice firm, following regulatory approval.