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Kingswood has announced the acquisition of Dublin-based wealth management firm Moloney Investments (MMPI).
The deal, subject to regulatory approval, will boost Kingswood’s client facing advisory team to over 100 people and funds under management to over £7.8bn across both the UK and Ireland.
Kingswood Group assets under advice will total over £10bn from a combination of both global retail and institutional clients.
The purchase of Moloney Investments is Kingswood’s seventh acquisition of the year, and a highly strategic investment for the group.
Moloney Investments, which was established in 1993, provides investments, pensions, and mortgage advice to mass affluent and high net worth individuals in Ireland.
MMPI currently employs 54 people including 18 advisers.
Moloney Investments had EBITDA of €4.0m and more than €700m (£628m) assets under advice for the 12 months to 30 April 2022.
Kingswood Group CEO David Lawrence said: “MMPI provides access to the attractive Irish wealth management market whilst also offering multiple new avenues for growth.
“Bryan Moloney and his senior team have done an exceptional job building MMPI into a successful, scaled, and differentiated financial advisory group with a reputation for exceptional client service. I look forward to working with Bryan and his team to continue the Kingswood growth story.
“As communicated in the announcement of our 2022 interim results, in addition to MMPI we have a strong pipeline of activity with a further eight potential acquisitions in exclusive due diligence.”
Moloney Investments CEO Bryan Moloney added: “This is an exciting development for the business providing additional expertise, capability, and funding to continue MMPI’s long term track record of both organic and inorganic growth, whilst supporting our vision of serving private and corporate clients with a best-in-class platform and service.
“Kingswood shares our vision and beliefs of empowering its employees to provide excellent client service and I am confident that their investment provides a great outcome for both our employees and clients alike.”
Following regulatory approval, Kingswood will acquire 70% of MMPI for a total cash consideration of €25.8m with the existing shareholders retaining the remaining 30%.
Post-acquisition, MMPI will continue to operate from its existing premises and be led by the same team.
The Irish wealth management sector, which is valued at €40bn, is experiencing similar acquisition trends to the UK as consolidators expand into the market.
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