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June 17, 2021

UK wealth manager Kingswood to buy Admiral Wealth Management

By Verdict Staff

British wealth manager Kingswood has brokered a deal to buy North Lincolnshire-based chartered financial planning firm Admiral Wealth Management.

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  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
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Kingswood will pay a cash consideration of £4m for the purchase, subject to regulatory approvals.

Under the agreement, £2m will be paid at closing of the deal while the remainder will be paid on a deferred basis, some of which is subject to the achievement of pre-agreed performance targets.

Led by Peter and Carol Waller and Mike Biggin, Admiral offers independent financial advice to individuals and corporates primarily in Lincolnshire and Yorkshire.

The company has seven employees, including two advisers managing approximately £100m in assets on behalf of around 600 clients.

Biggin and senior consultant Adam Harrison will lead the business forward as part of the Kingswood group.

The deal, which marks Kingswood’s first acquisition this year, is also the first under its new CEO David Lawrence.

It is said to expand the company’s UK client facing advisory team to 66 people. It also increases the company’s client base to 8,500 clients and its funds under advice and management to £3.5bn.

Lawrence said: “I am thrilled to announce our first acquisition under my leadership and look forward to welcoming Mike Biggin, Adam Harrison, and the Admiral team to Kingswood.

“Admiral is a highly regarded provider of financial advisory services in North Lincolnshire and Yorkshire having consistently delivered a high-quality service to clients for over 30 years.”

He also stated that the company remains committed to perpetuating its stated growth strategy within the UK and internationally.

“We have a strong pipeline of high-quality UK opportunities under negotiation, four of which are in exclusive due diligence representing pro-forma operating profit in excess of £2.5m as we continue to grow our financial planning and investment management reach across the UK,” Lawrence added.

Last November, Kingswood ramped up its US expansion strategy by wrapping up the deal to acquire a 50.1% controlling stake in Manhattan Harbor Capital.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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