Kingswood has made several changes to its senior management team, capping a year in which the wealth manager underwent a major strategy overhaul and a spree of acquisitions.
Leigh Philpot has been promoted to head of wealth, Rupert Thompson becomes managing director and chief investment officer and David Winckler has been made associate director.
The firm has also hired Kleinwort Hambros director and discretionary fund manager Paul Surguy (pictured) who will join Kingswood in January to lead the investment management business.
Kingswood said in a press release Philpot will have responsibility for the firm’s retail wealth planning and investment management businesses and overall responsibility for business development. Thompson will “continue to enhance the group’s investment offering” while Winckle will support Thompson in developing the firm’s investment strategy.
The promotions follow the appointment of City veteran and ex-Cazenove man Richard Jeffrey in February as chairman of Kingswood’s investment committee.
In January the firm made executive deputy chairman Gary Wilder chief executive to replace Marianne Ismail who abruptly left the business after just 18 months to “pursue other interests”.
Kingswood group CFO and CEO of its operating platforms Patrick Goulding said: “It has been an incredibly busy and successful year for Kingswood and these promotions are a testament to the progress made.”
He added: “We will continue through 2020 to make additional strategic hires to support the growth and build-out of the group and further enhance the strong and experienced management team in the UK and US.”
Acquisition spree continues
In April the firm issued a profit warning for its financial results for the year ended December 2018 due to costs associated with restructuring, however it expanded throughout the year thanks to £80m of acquisition funding from investment management firm Pollen Street Capital. It also said its largest shareholder KPI had injected new capital, taking its total investment to £15m.
In May 2019, the group announced acquisition of an interest Manhattan Harbor Capital, a US-based consolidator of independent broker dealers and advisers.
Kingswood’s recent spending spree has also included Sheffield-based IFA WFI Financial, bought in September for £14m, and the February purchase of Oxford-based adviser Thomas & Co for £3.3m. This followed the acquisition of East Yorkshire adviser Marchant McKechnie in October 2018 for £4m.
Kingswood group chief executive Gary Wilder said: “This has been a year of positive and highly effective transformation. We are incredibly excited for what 2020 will bring.”
