Wealth manager Kingswood says it is in the process of negotiating a deal with a “provider of substantial permanent growth capital”.

Kingswood said it had agreed preliminary terms with a company in relation to a potential equity investment in the form of convertible preference shares. This is generally a type of fixed income security that the investor can choose to turn into shares of the company’s common stock after a certain amount of time.

Kingwood said it was now undertaking “extensive due diligence” in relation to the deal.

The unnamed company’s investment would help fund acquisition-hungry Kin...