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Kingswood confirms acquisition of WFI Financial

Kingswood, the integrated wealth management group, has announced the acquisition of the business and assets of WFI Financial, an independent regional financial planning business based in Sheffield.


 

The acquisition marks the continuation of the group’s expansion of its national wealth management footprint to the Midlands and the North. The acquisition is expected to be immediately earnings accretive to the group.

In the most recent financial year to 30 June 2019, the WFI business generated EBITDA in the order of £1.8 million.

Based in Sheffield, WFI is a major regional independent financial planning business, with other offices in Derby, Lincoln and Grimsby. WFI has in excess of £550m AUM/AUA from over 970 family clients and has 37 partners and employees, including 16 financial planners and 19 support staff.

Upon completion, the group will have c. 5,500 active clients and AUM/AUA of c. £2.5 billion.

Gary Wilder, Group CEO at Kingswood, said: “The acquisition of WFI doubles the size of our wealth planning business and provides Kingswood with an opportunity to own a very profitable regional financial planning business with built-in expertise and capacity to expand.

“Both principals, Charlie Gillespie and Mark Rendall, are exceptional individuals with great track records in the industry and they will remain with the Group post integration and assume expanded roles on the Kingswood platform. They will continue to focus on their core strengths of client advice and business development, with Kingswood centrally managing regulatory & compliance, finance, HR and IT responsibilities.

“There is also a major opportunity to migrate existing and new clients across to Kingwood’s DFM platform, especially onto our recently relaunched Managed Portfolio Service offering, underpinning the value of a fully integrated wealth management business.”

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