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Kingswood Acquisition Corp., the particular goal acquisition firm sponsored by the most important shareholders in British wealth administration agency Kingswood Group and a sister firm to Kingswood U.S., stated shareholders voted to approve one other extension to finish its merger with dealer/seller aggregator Wentworth Administration Providers, in accordance with a current SEC submitting. The SPAC had a deadline of Feb. 24, 2024, however that has been pushed again to March 15, 2024.
Kingswood launched its SPAC in November 2020, saying it had efficiently raised $115 million in its preliminary public providing and would use proceeds from the general public markets to put money into U.S.-based RIAs and wealth administration corporations. Larry Roth, former CEO of Cetera Monetary Group, was introduced in as lead director.
In July 2022, Wentworth, which owns 4 impartial dealer/sellers, entered into an settlement to merge with the SPAC, in a deal that will take the agency public. The 2 will merge underneath the newly created Binah Capital Group, which can have over 1,900 advisors and $25 billion in property. Binah will probably be a publicly traded holding firm, and Roth will function government chairman of the agency. Wentworth and its dealer/seller subsidiaries, together with PKS Investments, would be the market-facing manufacturers.
Ryan Morfin, who stepped down as CEO of Wentworth a yr in the past, was not too long ago suspended by the Monetary Trade Regulatory Authority for 5 months and fined $10,000 for participating in banking actions with out registering as an funding banking consultant or having the requisite examination. FINRA stated he additionally acted in a principal capability at his agency with out registering as such.
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