Acquisitions add £1.7bn of assets to Kingswood

As CEO David Lawrence tells investors to expect more of the same this year

David Lawrence chief executive of Kingswood Group


International wealth management firm Kingswood said it has grown assets under management and advice (AUMA) by £3.2bn to £8.1bn after making 10 acquisitions in the UK last year.

According to the group’s FY2022 trading statement, the acquired businesses added 28 advisers, £11.8m in revenue, and £1.7bn in assets under advice (AUA) to the UK business.

The inorganic growth, combined with net inflows, are expected to boost profits to £11m for 2022, an increase of 80% year on year.

The completion of two further acquisitions, Barry Fleming Partners and Moloney Investments, in the first quarter of 2023, has added £0.7bn of AUA and £8.3m of revenue.

Kingswood CEO David Lawrence (pictured) told investors to expect more of the same, with the report disclosing that the firm has four potential acquisitions in exclusivity, and a number of others in advanced negotiations.

Despite a strong performance in the UK, Kingswood’s board said the expected operating profit of £8.5m across the business fell below their expectations.

This was due to operating profits in the larger US capital markets business falling by 46% year on year, as quieter activity hit US investment banking revenues.

The trading statement also outlined a large one-off, high-margin US transaction that was expected to be reported in 2022 but will now be recognised in 2023.

In all, total revenues were expected to hit £143.6m, a 3.9% decrease year on year.

See also: Kingswood in talks to sell UK operation 


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