Kingswood US, a member of an international network of independent wealth management companies, has successfully acquired Eudaimonia Partners and Eudaimonia Advisors, located in Nashville, Tennessee.
The acquisition of Eudaimonia involves managing approximately $15bn in client assets worldwide. It also formed a strategic collaboration with Eudaimonia Asset Management, a turnkey RIA centered on asset management. Collectively, the three RIAs that make up the Eudaimonia Group have assets under management worth over $1bn.
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As president of Eudaimonia, John Goodson, the founder of the organisation, will stay on to guide his group of 17 advisers and encourage the thriving Kingswood US. The 36-year industry veteran will continue to manage his $100m clientele. He will report to Michael Nessim, Kingswood US’ CEO, president, and managing partner, in his executive capacity.
Goodson will assist in leading expansion initiatives around the country, enlisting advisers with similar views and provide advice on possible M&A-based growth in this industry. He will be the manager of the Kingswood office at 818 18th Avenue South in Nashville.
Kingswood US and Eudaimonia have strong custodial partnerships with Raymond James and Charles Schwab, allowing for an effortless change for Eudaimonia’s advisers and clients while reducing the need for extensive repapering.
Operating director Scott Poore will still be in charge of Eudaimonia Asset Management. As a strategic partner, Kingswood US will support the TAMP, and advisers linked with the company can now offer the TAMP to their clients.
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By GlobalDataNessim stated: “As the wealth management industry continues to evolve, it is critical for a firm of our size to seek additional scale and exceptional talent to ensure we are positioned to succeed in the future. John, Scott, and the entire Eudaimonia team are the right partners for Kingswood U.S. Their expertise in growing advisory businesses, coupled with their experience in running an exceptional TAMP, make them the perfect fit for our growing business.”
Goodson added, “Our goal has always been to enhance the lives of everyone we touch, and our strategic partnership with Kingswood U.S. is a critical component of our continued success. Over the past several years, we have explored several partnerships that would provide us with meaningful back- and middle-office support and allow us to grow while maintaining our deeply held values. After working with Mike and the Kingswood leadership team, it became clear that Kingswood was the right choice for our firm to achieve our goals and keep our commitment to always put the advisor first in our decisions.”
Jamie Golden, Kingswood US head of acquisitions who leads M&A-based growth nationally and will partner with Goodson in Nashville, shared: “Working with Eudaimonia and expanding our presence in the increasingly important southern market positions Kingswood U.S. for additional large-scale acquisitions. I look forward to working closely with John and the rest of the Kingswood team to capitalise on our opportunities across the country.”
The deal was finalised on 1 September 2024.
