Kingswood Holdings, the wealth and investment management group, has announced its acquisition of Metnor Holdings.
Metnor is based in Harrogate and is the holding company for IBOSS Asset management and Novus Financial Services.
IBOSS is a provider of managed portfolio services and other investment solutions.
Furthermore, in the 12 months to 31 October 2021, the IBOSS Group generated revenue of £3.3m ($4.4m) and EBITDA of £1.3m. The IBOSS Group currently employs 29 people and has over 6,000 clients with over £1.4bn of AuA/M. At 31 December 2020, the IBOSS Group had net assets of £3.1m.
The IBOSS brand and team will be kept with Chris Metcalfe and his team remaining in charge of the investment strategy.
David Lawrence, UK CEO at Kingswood, said: “My ambition when taking the reins of Kingswood’s UK business was, and remains, to create a leading financial advisory and investment management business and this transaction is a big step towards that goal.
“In the IBOSS Group, Chris Metcalfe has built a fantastic brand with a superb Investment track record. From our first meeting, we knew that blending the IBOSS Group with Kingswood would create something special in the sector, harnessing the IBOSS Group’s investment record, product range and open market IFA distribution with Kingswood’s existing discretionary investment expertise and rapidly growing financial planning businesses.”
Chris Metcalfe, Investment and Managing Director at Metnor, commented: “The synergy of Kingswood and IBOSS gives both parties an exceptional opportunity to enhance their client propositions and range of services. We had several potential suitors, but none realised the intrinsic value of how we manage money and the attraction for advisers that comes with our industry-leading service standards and client communications.
“As part of the Kingswood Group, we will offer our new and existing IBOSS users an exit strategy that will be one of the most attractive in the industry, something that adviser firms have been asking us to facilitate for some years now. We are pleased to be able to deliver precisely what advisers have asked for. For many adviser firms, continuing the investment proposition and not disturbing the client is extremely important.”
The deal is subject to regulatory approval.