Kingswood acquires £1.4bn AUA North Yorkshire firm

£16m deal

Wealth manager Kingswood has acquired North Yorkshire based Metnor Holdings and its subsidiaries IBOSS Asset Management and Novus Financial Services, subject to regulatory approval.

The deal brings Kingswood's UK assets under management to £3bn, with total assets under administration reaching over £7.9bn. Kingswood's client-facing advisory team has now grown to 80 people, with the number of active clients reaching over 15,900. Kingswood hits £6.2bn AUA as it completes Admiral Wealth deal In the last year, Metnor's subsidiaries have brought in a revenue of £3.3m. They currently employ 29 people and have over 6,000 clients with over £1.4bn of assets under administration or management. The deal will see an initial cash consideration of £9.6m, paid on closing, ...