British wealth manager Kingswood has picked a stake in Manhattan Harbor Capital, a US-based firm that consolidates and manages independent broker dealers and RIAs.

The deal is being carried out through Kingswood US- the US unit of Kingswood.

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Manhattan Harbor has presence in New York and Atlanta. The company, helmed by Michael Nessim, employs 35 staff.

Nessim welcomed the deal.

Nessim noted: “The partnership provides dual benefits to both Manhattan Harbor and Kingswood including accelerating adviser recruitment and boosting AUM but also providing a foothold in the largest global wealth management market that is growing rapidly.

The takeover marks Kingswood’s debut strategic partnership in the US, a market that the firm considers a “major growth opportunity”.

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Kingswood believes that the deal will offer it a strategic foothold in the US, which is said to be the largest global wealth management market.

“By investing in Manhattan Harbor, Kingswood differentiates itself from its peers and supports its global aspirations of asset linking and cross-selling services and the partnership provides a solid base to potential further integration and a valuable support to Kingswood’s US expansion plans,” Kingswood stated.

Under the agreement, Kingswood initially purchased a 7% stake in Manhattan Harbor.

Over the coming months, Kingswood has the provision to acquire a 20% interest in Manhattan Harbor. This is pending regulatory nod.

Kingswood initially paid $525,000 for the deal, including $332,500 in cash and $192,500 through issuance of new ordinary shares.