Consolidator Kingswood expands US wealth management market footprint

Kingswood will own 50.1% of the US wealth manager which will be renamed Kingswood US. It was the deal was a "giant step" in its US expansion strategy and said up to $8m (£6.1m) if additional capital would be invested to support further "substantial" US organic growth. In May this year, Kingswood announced its intention to acquire Chalice Capital Partners and Chalice Wealth Advisors, the planned increase in Kingswood's interest in Manhattan Harbor Capital from 7% to 20%, and the plan to contemporaneously fold Chalice into MHC, increasing Kingswood's interest in MHC to above 50%. An ...