Kingswood acquires Californian wealth management firm to increase US footprint

Will lead to £1.6bn enterprise in US

Lauren Mason
The deal will see Kingswood own and operate key offices in New York, Atlanta and San Diego

The deal will see Kingswood own and operate key offices in New York, Atlanta and San Diego

Wealth management company Kingswood Group has completed its acquisition of California-based wealth management firm and brokerage Chalice, and has signed "conditional heads of terms" to assume majority ownership in Manhattan Harbor Capital, which will see it running £1.6bn of assets in the US.

Kingswood, which first announced the plans in December 2019, will be purchasing an 85% interest in both Chalice Capital Partners - an independent broker/dealer - and Chalice Wealth Advisors. The remaining Chalice shareholder has exercised their put option over their remaining 15% stake in the company, so the firm is now wholly owned by Kingswood. Chalice currently manages $1.1bn of assets - or £0.9bn, across the US. The 'initial consideration' purchase price of £0.8m and the second tranche of £0.8m have already been paid by Kingswood - the latter of which was financed through the issu...

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