Kingswood’s 2018 full year profit may not reach its expectations due to “a period of restructuring, with higher costs than originally anticipated”, the firm said.

The firm said it has been investing in its “infrastructure and solidifying its foundation to build a leading global listed wealth manager”.

Kingswood also stated that it has a new management team and organisation structure now in place and the three-year growth plan initiated by the board at the beginning of the year has “solidified a number of strategic initiatives designed to enhance client yield and stimulate growth”.

The firm, which...