UK wealth management firm Kingswood has taken a minority stake in US business Manhattan Harbor to further expand its presence across the country.
Kingswood has acquired a 7% stake in the business for £408,000 but with the ability in the coming months to achieve a 20% holding, an increase subject to regulatory approval in the US. In addition, certain related parties of Kingswood have an existing 20% interest in Manhattan Harbor with the option to acquire a further 5%.
Manhattan Harbor, led by Michael Nessim, is a holding company with operations in New York and Atlanta that includes investment advisory and stock broking among its services.
The acquisition creates an exciting new strategic partnership for Kingswood to scale and cross-sell its services internationally, Kingswood said in a statement.
Gary Wilder, Group CEO at Kingswood, said: "In the last 12 months we have been focused on growing the Kingswood brand in the UK and on sourcing a best-in-class management team to deliver our US strategy.
"We are delighted to be able to announce our first venture in the US and believe the team and structure we have put together with Manhattan Harbor is a very strong proposition, complimenting our existing offering.
"We are excited to begin this new partnership and our objective remains to grow both organically and dynamically by acquisitions."