Kingswood Group has built a 50.1% controlling equity stake in Manhattan Harbor Capital (MHC) after completing a deal worth $5.1m for the firm, marking the latest step in the wealth management group's US expansion plans.
Following the acquisition of California-based wealth management firm and brokerage Chalice, Kingswood confirmed in May that it had signed "conditional heads of terms" to assume majority ownership in MHC, which will see it running £1.6bn of assets in the US. In a market update this morning (23 November), Kingswood confirmed the formal contribution of its Chalice Capital Partners and Chalice Wealth Advisors businesses into MHC at a value of $4m, in addition to a cash equity investment valued at $1.1m. Kingswood also intends to build this position to as much as 68% through a total growth...
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