UK wealth manager Kingswood has bought Sterling Trust, a major regional IFA platform, as it hints at further imminent acquisitions.

Sterling Trust provides independent financial advice to individuals and corporates across the UK and currently employs 48 people including 22 financial advisers. It has assets under management and advice of £1.2 billion.

The transaction boosts Kingswood's client facing advisory team to 62 people and increases funds under advice and management to £4.8 billion from over 16,000 clients in the UK and US.

Kingswood paid cash consideration of £17.75 million, payable over a three-year...