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November 18, 2020

Kingswood finishes Regency Investment Services deal

By Patrick Brusnahan

Wealth and investment management group Kingswood has completed its acquisition of Regency Investment Services, an IFA business.

Regency operates out of Surrey and boosts Kingswood assets under management to approximately £5bn ($6.6bn) from over 16,000 clients. The bought firm employed 12 people, including six IFAs advising on and managing £320m in assets on behalf of around 1,000 clients.

Kingswood purchased Regency for cash consideration of £3.45m payable over three years. £1.38m was paid at closes with the balance coming on a deferred basis.

Furthermore, the second and final consideration payment for Marchant McKechnie, a business bought in October 2018, has been made.

Gary Wilder, Group CEO at Kingswood, said: “We are delighted to welcome Dominique Vinecombe and the Regency team to Kingswood. Dominique will continue to focus on delivering exceptional quality service to Regency’s client base. We recognise over time the major opportunity to migrate existing and new clients to Kingwood’s extensive and growing range of managed investment solutions on our DFM platform, underpinning the value of a fully integrated wealth and investment management business.”

At the first announcement of the deal, Kingswood group CFO and Platform CEO Patrick Goulding said: “The Kingswood model is designed to free Dominique and other advisers to focus on their clients, and provide a centralised, efficient support infrastructure to manage the routine but time consuming tasks required across compliance, finance, human resources, risk and technology.”

Earlier in the year, as part of its investment and expansion into the US, Kingswood made three deals.

Kingswood acquired Chalice Capital Partners and Chalice Wealth Advisors (Chalice). In addition, it increased its interest in Manhattan Harbor Capital (MHC) from 7% to 20% and plans to fold Chalice into the firm. As a result, its interest rose to above 50%.

This meant that Kingswood would achieve majority ownership in MHC as part of the US expansion.

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