Wealth manager and SIPP provider Mattioli Woods has announced the integration of Kingswood Group under a unified Mattioli Woods brand, following the two firms’ merger last year.

Ian Mattioli, founder of wealth manager and SIPP provider Mattioli Woods, is to step down as CEO to take up a new role as Founding President.

One of the big Financial Planning stories of the week was the merger announced of two of the more significant players in the wealth management / Financial Planning space: Mattioli Woods and Kingswood.

Wealth manager Mattioli Woods and troubled Financial Planning firm Kingswood are to merge to create a wealth manager with over £25bn in assets.

Shares in troubled wealth manager and Financial Planner Kingswood have been cancelled on the AIM market with effect from today as the full £48m takeover of the business by its PE owner HSQ moves to its final stages.

Private equity firm HSQ has today confirmed its unconditional offer to buy the remaining 10% shares of the troubled Financial Planning business Kingswood and said it hopes to conclude the deal by 15 April.

Private equity firm HSQ has injected a further £4.8m to support its troubled Financial Planning business Kingswood which warned recently that it may run out of money to service its £91m debt pile.

Two long-serving directors of troubled Financial Planner Kingswood, including a former CEO, have resigned from the board with immediate effect.

Troubled Financial Planning group Kingswood, which has expanded rapidly in the past five years, may be sold 100% to a private equity firm as it wrestles with a £91m debt mountain.

Acquisitive wealth manager and Financial Planner Kingswood said group assets under advice and management (AUA&M) climbed to £12.9bn by the end of June, up 8.2% year-on-year.