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Wealth manager acquires Oxford IFA

Listed wealth manager Kingswood has swooped for Oxfordshire IFA Thomas & Co Financial Services in a deal worth up to £3.3m.

In a stock market update this morning, Kingswood says it has agreed to buy Thomas & Co for an initial cash payment of £1.5m, with the remaining £1.8m dependent on meeting “revenue and profitability metrics” over the next three-years.

Thomas & Co’s annual profits for 2017 were £460,000. The firm has around 500 clients and has approximately £150m of assets under advice, compared to 4,500 clients and £1.9bn in assets at Kingswood.

The principals and staff at Thomas & Co will all join Kingswood and continue to work from Thomas & Co’s Abingdon office.

Kingswood chief executive Gary Wilder says: “Our strategy remains firmly focused on seeking opportunities, domestically and internationally, to drive growth in revenue and assets under management and advice, through acquisition and by attracting best in class wealth and investment talent to the Kingswood platform. We have a strong pipeline of opportunities we are currently evaluating.

“Access to products such as our enhanced managed portfolio service…as well as the rigour and discipline of our investment process, makes us an attractive partner to firms such as Thomas & Co.”

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