Kingswood Holdings Limited, the international, fully integrated wealth and investment management group, today announced that it has exchanged and completed on the acquisition of Smith Pearman and Associates, an independent financial advice company based in Hampshire.
Established for over 35 years, Smith Pearman and Associates look after over 240 clients with over £70m AUA servicing the Surrey and Hampshire region. They offer tailored services to high net-worth individuals with an existing portfolio, or new investment requirements, based on personal goals and aspirations.
The acquisition follows five UK acquisitions completed by Kingswood since the start of 2022, including Allots Financial Services, a financial advisory firm based in Rotherham; Joseph R Lamb Financial Advisers, a long established advisory business based in Essex; DJ Cooke Life and Pensions, an independent financial planning business servicing clients across South Yorkshire; AiM Independent Financial advisers, an independent financial advice business based in Eastleigh; and Vincent & Co Ltd, a privately owned independent financial adviser firm based in Lincolnshire.
The acquisition also follows a transformational year for Kingswood 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, reflecting the successful integration of acquisitions in the UK and growth in the US.
David Lawrence, CEO at Kingswood Holdings Limited, commented: “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 U.K. and £14bn globally.”
Steve Egginton, Director at Smith Pearman and Associates, commented: “Wishing to build on the success of Smith Pearman and Associates, we are joining the Kingswood group to provide our clients with enhanced levels of financial advice and services for the future.
“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.”
