Financial Planning-focused wealth manager Kingswood has acquired Hants IFA Smith Pearman and Associates, its 6th acquisition of the year so far.
Kingswood also has a further seven acquisitions in the pipeline, it said today.
Smith Pearman and Associates has been in business for over 35 years and advises on £70m in Assets Under Advice for more than 240 clients.
The firm has clients in Surrey and Hampshire, mainly high net-worth individuals with an existing portfolio, or new investment requirements.
Kingswood has acquired five UK advisers this year including Allots Financial Services in Rotherham; Joseph R Lamb Financial Advisers in Essex; DJ Cooke Life and Pensions, in South Yorkshire; AiM Independent Financial advisers in Eastleigh and Vincent & Co Ltd, in Lincolnshire.
Kingswood said it had a “transformational year” in 2021 with record levels of revenue and operating profit in 2021. Revenue reached £149.7m, an increase by 488% compared to 2020, and operating profit increased by £5.5m to £6.3m. The firm has expanded both in the UK and US.
David Lawrence, CEO at Kingswood Holdings, said: “Smith Pearman and Associates has established itself as a reputable, dynamic and client centric business over the past 30 years and we are delighted to have its team of highly skilled professionals join us at Kingswood.
“This deal also reinforces our presence in Hampshire, building on our recent acquisition of AiM Independent and creating a sustainable hub in the region.
“Looking ahead, we maintain a healthy acquisition pipeline and are currently in exclusive due diligence talks for a further seven potential acquisitions. Our near-term target is to build our UK AUM and AUA in excess of £10bn in the UK and £14bn globally.”
Steve Egginton, director at Smith Pearman and Associates, said: “Kingswood’s ethos of putting their clients at the forefront of their service proposition dovetails with our own culture of providing a great service together with excellent advice. We look forward to working with Kingswood to provide a smooth and seamless transition for our clients.”
Kingswood is an AIM-listed wealth management group with £9.1 billion of Assets under Advice and Management. It has 19,300 clients serviced from a network of offices in the UK and overseas offices in Johannesburg, South Africa and Atlanta, New York and San Diego in US.
