British wealth manager Kingswood has raised up to £80m ($98.7m) to support future acquisitions in the UK, US, and Asia.
To collect the fund, Kingswood issued irredeemable convertible preference shares to some investors and funds of investment management firm Pollen Street Capital.
Kingswood Group CEO Gary Wilder said: “We’re delighted to confirm the fundraising with Pollen Street. We believe they will be an excellent partner as we execute on our shared global vision for the Group.
“We have been extremely impressed by the depth of their industry knowledge, the thoroughness of their due diligence, and our shared belief in building a best in class global wealth management platform that delivers quality products to clients and outstanding shareholder value.”
With the investment, Pollen Street gains two seats on the Kingswood board.
The infusion will be used to fund the takeover of WFI Financial, a deal announced earlier this month.
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Pollen Street partner Howard Garland said: “The business has a clear strategy for the future, and we are excited to have the chance to partner with the Group.
“Pollen Street has extensive expertise in building market-leading companies both via acquisitions and through organic growth using technological innovation and we are convinced these skillsets and our capital commitment will enable the Group to accelerate the implementation of their strategy.”
2019 has been a busy year for Kingswood.
In February, the firm snapped up Oxfordshire’s Thomas & Co Financial Services.
Three months later, Kingswood picked a stake in US-based Manhattan Harbor Capital.
In June, Kingswood collaborated with Flagstone to offer a cash proposition to its customers.
This March, Kingswood tied up with real estate investment manager Moor Park Capital Partners.