|
Kingswood Holdings Ltd, a London-based wealth and investment management firm, on Monday said it agreed to buy Moloney Investments Ltd.
Moloney is a financial advisory group based in Dublin, which provides financial planning, general and protection insurance, as well as investments, pensions, and mortgage advice to principally mass affluent and high net worth individuals.
Pending regulatory approval, Kingswood will acquire 70% of Moloney for €25.8 million in cash. Existing shareholders will retain the remaining 30% of Moloney, which will continue to operate from its existing premises in Dublin.
Kingswood argued that acquisition of Moloney is strategic for the company because it provides entry into the Irish wealth management market, as well as opportunities for cross-selling products and consolidating platforms.
It also said the transaction will boost its client facing advisory team to over one hundred people, and funds under advice to over £7.8 billion across both the UK and Ireland.
Moloney will be led by the same team after the acquisition. Chief Executive Officer Bryan Moloney said: ‘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.’
Kingswood shares were untraded at 23.00 pence on Monday afternoon in London. The stock is down 25% over the past 12 months.
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
