International wealth and investment management group Kingswood has bought Dublin-based financial advice firm MMPI for an undisclosed sum.
The acquisition sees the wealth firm enter the Irish advice market, and brings global assets under advice to over £10bn ($10.8bn, €11.2bn), with AuA for UK and Ireland reaching more than £7.8bn.
MMPI was set up in 1993 and provides financial planning, general and protection insurance, investments, pensions and mortgage advice to mass affluent and high net worth individuals.
The Irish business employs 54 staff, including 18 financial advisers, bringing Kingswood’s advisory team to over 100 people across the UK and Ireland.
The deal is subject to regulatory approval.
MMPI is the seventh firm acquired by Kingswood in 2022, some of the more recent deals include Hampshire-based IFA Smith Pearman and Associates in August, and Lincolnshire-based advice firm Vincent & Co in May.
David Lawrence, Kingswood Group chief executive, said: “I am delighted to announce our acquisition of MMPI, Kingswood’s seventh acquisition of the year and a highly strategic investment for the group. MMPI provides access to the attractive Irish wealth management market whilst also offering multiple new avenues for growth.
“Bryan Moloney and his senior team have done an exceptional job building MMPI into a successful, scaled, and differentiated financial advisory group with a reputation for exceptional client service
“As communicated in the announcement of our 2022 Interim results, in addition to MMPI we have a strong pipeline of activity with a further eight potential acquisitions in exclusive due diligence.”
At the time of the announcement, Lawrence told International Adviser the group had built capacity and capability to “acquire and integrate broadly 10 medium-sized businesses a year”.
