£7.9bn London wealth asset management firm acquires North Yorkshire counterpart

London headquartered Kingswood Holdings Limited announced it has agreed to acquire Metnor Holdings Limited and its subsidiaries, IBOSS Asset Management Limited and Novus Financial Services Limited.

The transaction boosts Kingswood’s UK assets under management to £3bn with a growth aspiration to more than double this figure over the next three years. The transaction also supports Kingswood’s broader ambition to be a top 10 UK investment management firm.

In addition to recently announced deals, the acquisition of the IBOSS Group increases Kingswood’s client-facing advisory team to 80 people, UK funds under advice/management to £6.3bn, and the number of active clients to over 15,900.

Kingswood Group assets under administration will total over £7.9bn from a combination of both global retail and institutional clients matching our ambition to grow globally as an international integrated full service wealth and investment manager

David Lawrence, UK CEO at Kingswood, commented: “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.

“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.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →