Kingswood Acquisition Corp., the particular objective acquisition firm sponsored by the main shareholders in British wealth administration agency Kingswood Group and a sister firm to Kingswood U.S., mentioned shareholders voted to approve one other extension to finish its merger with dealer/supplier aggregator Wentworth Administration Providers, in response to 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, asserting 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 companies. Larry Roth, former CEO of Cetera Monetary Group, was introduced in as lead director.
In July 2022, Wentworth, which owns 4 unbiased dealer/sellers, entered into an settlement to merge with the SPAC, in a deal that might take the agency public. The 2 will merge underneath the newly created Binah Capital Group, which could have over 1,900 advisors and $25 billion in belongings. Binah shall be a publicly traded holding firm, and Roth will function govt chairman of the agency. Wentworth and its dealer/supplier subsidiaries, together with PKS Investments, would be the market-facing manufacturers.
Ryan Morfin, who stepped down as CEO of Wentworth a 12 months in the past, was lately suspended by the Monetary Business 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 mentioned he additionally acted in a principal capability at his agency with out registering as such.
