U.K. Wealth Manager Kingswood Eyes Singapore Acquisition
With new funds raised, the U.K.-based wealth management firm wants to expand its presence across Southeast Asia.
Kingswood has entered into «exclusive discussions» about a possible purchase of a business in Singapore serving the region to allow the firm enter the Southeast Asia market, chief executive Gary Wilder said to «International Adviser.»
The firm's acquisition activities will be funded using the £80 million ($98.7 million) it has raised through the issue of convertible shares to investment company Pollen Street Capital, which was announced in a press release on Thursday.
«This major investment by a global investor such as Pollen Street is a strong affirmation of the vision and growth strategy set by the board at the beginning of the year,» Wilder said in the announcement, which added that Pollen Street would be able to add two directors to Kingswood's board.
Acquisitions in 2019
Earlier in September, Kingwood bought Sheffield-based financial planner WFI Financial for £14 million, doubling the firm's total assets under management to £2.5 billion, and bringing the total number of active clients to 5,500.
Kingswood also bought 7 percent of U.S.-based investment adviser consolidator Manhattan Harbor Capital earlier this year.
