Kingswood Group has added to its impressive string of acquisitions this year, having bought Berkshire-based investment planning firm Barry Fleming and Partners.
The deal, which is still subject to regulatory approval, will cost Kingswood up to £6.2m, including a £3.1m fee to be paid on completion. The full sum is payable over a two-year period.
By adding Barry Fleming and Partners’ 415 clients, and £140m in assets under advice, Kingswood will boost its global funds under advice and management to £11.3bn. It now has over £9bn of assets under management and advice in the UK and Ireland.
CEO David Lawrence said extending into Berkshire was a further acknowledgement of the firm’s desire to grow its footprint: “Our growth strategy is important, and we are strongly committed to supporting more clients. We have a further three acquisitions under exclusive due diligence that we expect to close in the coming months, plus additional transactions that are currently under negotiation.”
Kingswood plans to cover the cost of the acquisition through the £150m funding facility that it announced on 17 October.
Since that date, the wealth and investment management group has made four acquisitions, including its first in Scotland.
Of Barry Fleming and Partners, Lawrence said: “[It] has a deep rich history and has established itself as a reputable, dynamic and client centric business over the past 47 years. The depth of relationships with their clients is truly evident through their extensive reputation.”
The team, which is made up of three advisers and six employees, offers tax, retirement, and inheritance planning to individuals, companies, trustees, and charities.
Barry Fleming & Partners’ eponymous chairman said: “We have spent time looking to work with a company that can take on our legacy, build on the success of Barry Fleming and Partners as well as understanding the depth of relationships and care we have with our clients. Kingswood’s ethos of putting their clients at the forefront of their service proposition dovetails with our own culture of providing a valued service and excellent advice.”
This article first appeared on our sister publication Portfolio Adviser.
