New US CEO appointed

RNS Number : 3703S

Kingswood Holdings Limited

11 March 2019

 

11 March 2019

KINGSWOOD HOLDINGS LIMITED

("Kingswood", the "Company" or the "Group")

New US CEO appointed

Kingswood Holdings Limited (AIM: KWG), trading as Kingswood, the integrated wealth management group, today announces that it has appointed Najib Canaan as US CEO as the firm sets its sight on US expansion and growing investment distribution channels for its products.

Mr. Canaan, who will join the newly restructured Kingswood Investment Committee, has more than 30 years of experience and joins from Marinus Capital Advisor, an alternative investment management firm where he was the Founding Partner and Chief Investment Officer. Prior to that, Mr. Canaan was a Managing Director and Head of Structured Finance at GSO Capital, a Blackstone Group affiliate. He also established and managed the Structured Products Trading Group at Brevan Howard.  Mr. Canaan was also Executive Managing Director and Co-Head of International Markets at Nomura Securities International and Co-Head of Fixed Income in Europe for Nomura International PLC where he oversaw a fixed income, asset-backed, and real estate balance sheet in excess of $100 billion.

Mr. Canaan was a Managing Director and Principal with Donaldson, Lufkin, and Jenrette, where he established the Special Situations Group, a unit focused on the acquisition, work-out, and disposition of distressed residential real estate assets (loans and bonds). Mr. Canaan has served as an Executive Board Member of The Bond Market Association. 

Kingswood sees the US as a big growth opportunity being the largest global wealth management market, estimated to be worth $46.9 trillion as at 2016¹. The market is still growing significantly year on year with 5.7% compound annual growth rate forecast for period 2016 - 2020. By end of 2025, it is estimated the North American market will be worth in excess of $71.2 trillion.

Gary Wilder, Group CEO at Kingswood, said: "I'm delighted to welcome Najib to Kingswood. His extensive knowledge and experience will be invaluable as we grow in the US. We've made huge strides in expanding and reinforcing the Kingswood brand in the UK over the last 12 months and we see the US as a really exciting market."

Commenting on his appointment, Najib Canaan, said: "I was immediately impressed with Kingswood's ambition to grow the business internationally. The firm is actively looking to grow in a market that is expanding rapidly and I'm excited to extend our distribution channels. I'm looking forward to joining Kingswood at such a pivotal point in the firm's development."

Kingswood, which has more than 4,500 active clients and assets under management of £1.9bn, is focussed on becoming a leader in the wealth and investment management market by building a listed brand that is recognised internationally. Last month the firm announced the appointments of Richard Jeffrey as Chairman of the Investment Committee and Richard Klein as Head of Alternatives and Distribution.

Kingswood has been heavily active in the acquisitions market. The firm acquired East Yorkshire IFA firm Marchant McKechnie in October 2018 and Thomas & Co Financial Services in Oxford last month. The acquisitions broaden Kingswood's UK footprint, adding to its existing office network in London, Manchester, Cheltenham, Maidstone and Worcester. The firm continues to pursue additional accretive investments across the UK with a pipeline in excess of £100 million under evaluation. Kingswood is in active discussions to gain a foothold in the US market in the very near future and continues to actively pursue its goal of growing the business globally.  

ENDS

¹ Source: PwC Report "Asset & Wealth Management Revolution: Embracing Exponential Change

For further details, please contact:

Kingswood Holdings Limited	[phone]
Gary Wilder / Patrick Goulding	www.kw-wealth.com
finnCap Ltd (Nomad and Broker)	[phone]
Ed Frisby / Scott Mathieson / Anthony Adams (Corporate Finance) Tim Redfern / Richard Chambers (ECM)
Greentarget (for media)	[phone]
Jamie Brownlee

About Kingswood                                        

Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG) integrated wealth management group, with more than 4,500 active clients and c.£2 billion of Assets Under Management and Advice. It has a growing network of offices in the UK including London, Manchester, Cheltenham, Maidstone, Worcester, Beverley and Abingdon, and an office in Johannesburg, South Africa.

Kingswood offers a portfolio of services to its clients, which range from private individuals to some of the UK's largest universities and institutions, including investment advice and management, personal and company pensions, wealth planning, and stockbroking.  Kingswood is focused on becoming a leading player in the wealth management market through targeted acquisitions in the UK, with the ultimate goal of creating a global business through strategic partnerships and its ambition is to gain a foothold in the US market in the near future.

 

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