(Alliance News) - Wealth managers Mattioli Woods PLC and Kingswood Holdings Ltd announced respective acquisitions on Friday.
Mattioli Woods said Friday it completed the purchase of Turris Partnership Ltd for GBP1.6 million
Commenting on the acquisition, Chief Executive Officer Ian Mattioli said: "We put a great deal of thought into any acquisition that we consider, as it is so important to make sure it is a good cultural fit. We are very pleased that Brian and his team are joining Mattioli Woods. It is an important acquisition for us, as we have been looking to expand our operations in Scotland and opportunities to acquire such a well-respected business don't come along every day."
Elsewhere, Kingswood Holdings said it acquired an 85% stake in US broker Chalice Capital Partners for USD4.0 million.
Gary Wilder, Kingswood's CEO, said: "We're delighted to announce our second acquisition in the US, following on from Manhattan Harbor earlier this year. The advantages of this new West Coast hub are that it is immediately earnings accretive with a strong management team that has significant experience in roll-up and consolidation strategies. Derek's experience and understanding of how to scale a business and source and manage superior talent will be instrumental to our success. The acquisition complements the Group's strategy of seeking new distribution channels for its expanding products."
Mattioli Woods closed flat at 805.00 pence on Friday and Kingswood closed down 1.7% at 20.35p.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Mattioli Woods (MTW)
Kingswood H. (KWG)