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The Latest In Wealth Management M&A – Evelyn Partners, Kingswood

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The latest mergers and acquisitions and other corporate actions in the wealth management sector.


Evelyn Partners

This week, Evelyn Partners, a
UK wealth management and professional services group created from
the merger of Tilney and Smith & Williamson,
acquired the investment management business of Arena Wealth.


Arena Wealth is a London-based firm which specialises in advising
leading sports and entertainment professionals, as well as
entrepreneurs. The transaction will see approximately £90 million
of investment management assets transfer from Arena Wealth to
Evelyn Partners and the establishment of an ongoing relationship
between the two businesses, the firm said in a
statement. Arena Wealth will be the firm’s partner of choice
for investment management, the firm added.


As part of the transaction, Arena Wealth portfolio manager Ashley
Thompson is joining Evelyn Partners’ Nottingham office, the firm
said. Thompson, who has been at Arena Wealth since 2013,
previously had a background in family offices for high net worth
individuals.


Lauren Francis, who is a client administrator at Arena Wealth,
will also be joining Evelyn Partners.


Welcoming the move, Bill Price, managing partner at Evelyn
Partners said: “We have long supported sports and entertainment
professionals and so there is a strong fit between Evelyn
Partners and Arena Wealth.”


“This deal recognises our ambition to continue growing our
investment management business while at the same time ensuring
that Arena Wealth’s prestigious clients will continue to receive
a high-quality, personalised investment management service that
is tailored to their needs. We look forward to also working with
the Arena Wealth team on an ongoing basis,” he
stressed.  


David Lumley, director at Arena Wealth added: “We firmly
believe that Evelyn Partners can continue to deliver the high
level of investment management service our clients expect. Arena
Wealth Partners will continue to provide clients [with] the same
comprehensive financial management service they have historically
benefitted from.”


Kingswood Holdings

Kingswood
Holdings, the London-listed wealth and investment management
group, is proposing to buy MMPI, a financial advisory firm based
in Dublin. The move adds to a string of acquisitions that
Kingswood has executed or has in its pipeline.


The acquisition remains subject to regulatory approval, Kingswood
said in a statement. If Kingswood obtains regulatory approval,
Kingswood will acquire 70 per cent of MMPI for a total cash
consideration of €25.8 million ($24.9 million), with the existing
shareholders retaining the remaining 30 per cent. 


The deal would see Kingswood buy a firm in 1993. MMPI employs 54
people, including 18 advisors.


‘’As communicated in the announcement of our 2022 interim
results, in addition to MMPI we have a strong pipeline of
activity with a further eight potential acquisitions in exclusive
due diligence,” David Lawrence, Kingswood’s CEO, said.


A few days ago, Kingswood Holdings said its revenue grew by 31
per cent in the first half of 2022, compared with the same time
last year, and operating profit rose by 47 per cent, increasing
by £1.5 million ($1.62 million) to reach £4.5 million. Wealth
Planning revenue of £12.9 million increased by 55 per cent
compared with H1 21, reflecting the impact of the firm’s recent
acquisitions and organic revenue growth from higher new volumes
of new business.


On a pro forma basis, for the 12 months to 30 April 2022, MMPI
had earnings before interest, taxation, depreciation and
amortisation of €4.0 million and in excess of €700 million assets
under advice. 

When regulatory approval is granted, Kingswood said it will issue
a new debt facility to satisfy the consideration payment to MMPI
shareholders.



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