British wealth manager Kingswood is set to acquire the business assets of Kent-based financial planning business Smythe and Walter, subject to completion.
As agreed, Kingswood will pay £420,000 immediately. An additional amount of up to £420,000 will be payable over the next two years, subject to attaining certain pre-agreed performance targets.
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Kingswood will fund the acquisition using the cash received by issuing new convertible preference shares.
Smythe and Walter manages around £40m in assets for nearly 100 clients across Kent.
The deal will increase Kingswood’s UK funds under advice/management to £4.7bn. Kingswood Group AuA will amount £6.4bn.
Smythe and Walter CEO Lee Smythe said: “With an ever increasing regulatory burden, joining Kingswood enables us to gain access to the resources and support, which we need to both provide a wider range of services to our current clients and to grow our future business in a cost effective manner.
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By GlobalData“In addition to this, given the events of the last 18 months or so, becoming part of a larger firm ensures a greater sense of security for both staff and clients alike.
“With the additional support functions in place, I am looking forward to being able to spend more time on the most important and enjoyable part of our business, looking after our clients.”
Kingswood UK CEO David Lawrence said: “Smythe and Walter are a growing firm and this acquisition enhances our existing footprint in the South East. I am delighted to welcome Lee Smythe and his team to Kingswood.”
This is the company’s third acquisition in 2021.
Recently, Kingswood announced the acquisition of wealth management business Money Matters.
In August, Kingswood closed Admiral Wealth Management deal.
