Kingswood Holdings – which trades in the UK as KW Wealth – has made good on its ambition to enter the US market, acquiring a stake in a wealth management consolidator.

Kingwood has bought a seven percent stake in Manhattan Harbor, a New York and Atlanta-based firm that acquires, consolidates and manages independent Broker Dealers (IBDs) and registered investment advisers (RIAs) across the US. Kingswood has the option to increase its stake to 20 percent, subject to approvals.

The deal is being completed by Kingswood's wholly owned US subsidiary, Kingswood US Holdings, for an initial consideration of $525,000, compris...