Arena Wealth is a London-based firm which specialises in advising leading sports and entertainment professionals, as well as entrepreneurs. The transaction will see approximately £90 million of investment management assets transfer from Arena Wealth to Evelyn Partners and the establishment of an ongoing relationship between the two businesses, the firm said in a statement. Arena Wealth will be the firm’s partner of choice for investment management, the firm added.

As part of the transaction, Arena Wealth portfolio manager Ashley Thompson is joining Evelyn Partners’ Nottingham office, the firm said. Thompson, who has been at Arena Wealth since 2013, previously had a background in family offices for high net worth individuals.

Lauren Francis, who is a client administrator at Arena Wealth, will also be joining Evelyn Partners.

Welcoming the move, Bill Price, managing partner at Evelyn Partners said: “We have long supported sports and entertainment professionals and so there is a strong fit between Evelyn Partners and Arena Wealth."

"This deal recognises our ambition to continue growing our investment management business while at the same time ensuring that Arena Wealth’s prestigious clients will continue to receive a high-quality, personalised investment management service that is tailored to their needs. We look forward to also working with the Arena Wealth team on an ongoing basis," he stressed.  

David Lumley, director at Arena Wealth added: “We firmly believe that Evelyn Partners can continue to deliver the high level of investment management service our clients expect. Arena Wealth Partners will continue to provide clients the same comprehensive financial management service they have historically benefitted from.”

Kingswood Holdings
Kingswood Holdings, the London-listed wealth and investment management group, is proposing to buy MMPI, a financial advisory firm based in Dublin. The move adds to a string of acquisitions that Kingswood has executed or has in its pipeline.

The acquisition remains subject to regulatory approval, Kingswood said in a statement. If Kingswood obtains regulatory approval, Kingswood will acquire 70 per cent of MMPI for a total cash consideration of €25.8 million , with the existing shareholders retaining the remaining 30 per cent. 

The deal would see Kingswood buy a firm in 1993. MMPI employs 54 people, including 18 advisors.

‘’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,” David Lawrence, Kingswood’s CEO, said.

A few days ago, Kingswood Holdings said its revenue grew by 31 per cent in the first half of 2022, compared with the same time last year, and operating profit rose by 47 per cent, increasing by £1.5 million to reach £4.5 million. Wealth Planning revenue of £12.9 million increased by 55 per cent compared with H1 21, reflecting the impact of the firm’s recent acquisitions and organic revenue growth from higher new volumes of new business.

On a pro forma basis, for the 12 months to 30 April 2022, MMPI had earnings before interest, taxation, depreciation and amortisation of €4.0 million and in excess of €700 million assets under advice. 
When regulatory approval is granted, Kingswood said it will issue a new debt facility to satisfy the consideration payment to MMPI shareholders.