Kingswood acquires Californian wealth management firm to increase US footprint

Will lead to £1.6bn enterprise in US

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