Wealth and investment management group Kingswood has announced the acquisition of Moloney Investments, a Dublin-based financial advice firm.
The deal remains subject to regulatory approval but would boost the Kingswood advisory team to over 100 people.
In addition, funds under advice or management would increase to £7.8bn ($8.3bn) across the UK and Ireland.
Furthermore, assets under advice will total over £10bn from a combination of both retail and institutional clients.
Also, this grants Kingswood entry into Ireland and access to the platform that Moloney holds.
David Lawrence, Kingswood Group CEO, said: “I am delighted to announce our acquisition of MMPI, Kingswood’s seventh acquisition of the year and a highly strategic investment for the Group. MMPI provides access to the attractive Irish wealth management market whilst also offering multiple new avenues for growth. Bryan Moloney and his senior team have done an exceptional job building MMPI into a successful, scaled, and differentiated financial advisory group with a reputation for exceptional client service. I look forward to working with Bryan and his team to continue the Kingswood growth story.
“As communicated in the announcement of our 2022 Interim results, in addition to MMPI we have a strong pipeline of activity with a further eight potential acquisitions in exclusive due diligence.”
Bryan Moloney, MMPI CEO commented: “We are delighted to announce Kingswood’s investment in MMPI. This is an exciting development for the business providing additional expertise, capability, and funding to continue MMPI’s long term track record of both organic and inorganic growth, whilst supporting our vision of serving private and corporate clients with a best in class platform and service. Kingswood shares our vision and beliefs of empowering its employees to provide excellent client service and I am confident that their investment provides a great outcome for both our employees and clients alike.’’