StockMarketWire.com - Wealth management company Kingswood has completed its acquisition of a 50.1% stake in Manhattan Harbor Capital (MHC), a US-based broker dealer company.

MHC will be rebranded as Kingswood US and combined with two other US acquisitions, Chalice Capital Partners and Chalice Wealth Advisors, which Kingswood bought earlier this year.

Alongside this move, Kingswood invested $1.1 million in equity capital.

Kingswood said its new US arm would receive $8 million in additional investment to build distribution capabilities through adviser recruitment, bringing the company's stake to 68%.

Kingswood US includes independent broker dealer, investment banking, and registered investment advisor businesses in locations including Atlanta, New York and San Diego. Its 184 authorised representatives manage $1.8 billion of client investments, according to a statement issued earlier today.


At 1:24pm: [LON:KWG] Kingswood Holdings Limited Ord 5p share price was 0p at 31p



Story provided by StockMarketWire.com