Wealth manager Kingswood raises £80m to fund acquisition plans

The funds were raised through an issue of irredeemable convertible preference shares to certain investors and funds managed or advised by Pollen Street. Kingswood said it now has a 'strong' foundation in place to grow and expand and the investment would fund future advice firm acquisitions. The firm recently bought WFI Financial for £14m. Following completion of the acquisiton, Kingswood Holdings will have more than £2.5bn of assets under management (AUM) and assets under advice (AUA), with 5,500 active clients. WFI has offices in Derby, Lincoln and Grimsby. It has AUM/AUA of more ...