Fast-growing wealth manager and Financial Planner Kingswood has completed the acquisition of asset manager and IFA the IBOSS Group less than two months after announcing the deal.

Kingswood has hailed the deal as a “milestone” acquisition.

It completed the acquisition of Metnor Holdings, the holding company for IBOSS Asset Management (IBOSS) and Novus Financial Services (Novus), following the receipt of regulatory approval at the end of 2021.

Novus is a regional IFA with clients in the North of England.

IBOSS is a provider of managed portfolio services (MPS) and other investment solutions on an advisory and discretionary basis to financial advisers.

David Lawrence, UK CEO at Kingswood, said: "I am thrilled that we are finishing off the year in 2021 announcing the completion of our fourth acquisition. In the IBOSS Group, Chris Metcalfe has built a fantastic brand with a superb Investment track record. This transaction allows us to take a large step forward in creating a leading financial advisory and investment management business.''

Kingswood paid an initial cash sum of £9.6m for Metnor Holdings, paid on closing with deferred consideration of up to £6.4m, payable over a two year period, and a performance-based earn out linked to three years of EBITDA growth.

Kingswood continues to look for acquisitions, with six UK-based deals currently in the exclusive due diligence stage.

The deals are mainly funded by private equity firm Pollen Street Capital Limited which has partnered with Kingswood. It has so far provided £44.8m in equity to support existing and future acquisitions.

The latest acquisition boosts Kingswood’s UK assets under management to £3bn, with the aim of doubling this over the next three years.

Kingswood has previously shared ambitions to become a top 10 UK investment management firm.

The acquisition of the IBOSS Group has increased Kingswood’s advisory team to 80, UK funds under advice/management to £6.3bn, and the number of active clients to over 15,900.