The latest mergers, acquisitions and other corporate actions in the wealth management sector.
Kingswood Holdings Limited, Vincent & Co Ltd
Kingswood Holdings Limited, a wealth and investment management group, has acquired Vincent & Co Ltd, a privately-owned independent financial advisor, subject to regulatory approval.
Once approved, the business will be acquired for a total cash consideration of up to £421 000 ($514,757) payable over a two-year period, Kingswood said in a statement. £211,000 ($257,957) will be paid on completion of the transaction and the balance paid on a deferred basis, the firm added.
Vincent & Co provides financial advice to over 130 clients in the Lincolnshire area, with £25 million ($30.56 million) assets under management in the year ending 31 October 2021.
“This is a great opportunity to make an acquisition that consolidates our presence in Lincolnshire,” David Lawrence, UK CEO at Kingswood said. “During 2022 we will continue to focus on our acquisition activity. We have a strong pipeline of activity, with four potential acquisitions in exclusive due diligence. Our near-term target is to build our UK AUA/M in excess of £10 billion ($12.22 billion) in the UK and £14 billion ($17.11 billion) globally,” he added.
London-based Kingswood Holdings Limited is an AIM-listed (AIM: KWG) wealth management group with around £9.0 billion ($11 billion) of assets under advice and management.