Kingswood Holdings Limited Board Change and Business Update (3210N)
17 January 2019 - 6:00PM
UK Regulatory
TIDMKWG
RNS Number : 3210N
Kingswood Holdings Limited
17 January 2019
17 January 2019
KINGSWOOD HOLDINGS LIMITED
("Kingswood" or the "Group")
Board Change and Business Update
Kingswood Holdings Limited (AIM: KWG), the integrated wealth
management group, today announces that Group CEO Marianne Ismail,
will leave the Group with immediate effect to pursue other
interests. Executive Deputy Chairman, Gary Wilder will assume the
Group CEO role.
Executive Management Update
Group Finance Director, Patrick Goulding will also assume the
role of CEO of Kingswood's operating subsidiaries. He will be
responsible for implementing and managing the Board's strategy and
performance to ensure financial and other targets are met. Patrick
will work closely with the leaders of the business across the Group
to achieve this.
It is intended that Graydon Butler, Group Chief Operating
Officer, will join the Board in the coming weeks and an
announcement will be made in due course. Graydon will work closely
with Patrick to ensure Kingswood has in place best-in-class
operating infrastructure, support functions and resources to
deliver the Group's strategy.
Strategy
The Board has a clear strategy to enhance shareholder value and
recently approved an ambitious three-year growth plan for the
Group. Macro market conditions combined with an ageing population
provide Kingswood with a significant opportunity to become a
leading player in the wealth management market.
The Board believes a combination of capital investment and
resource allocation across its integrated wealth planning and
investment management platforms, together with rigorous, credible
target setting and performance evaluation, will drive future
success. These integrated platforms give Kingswood a competitive
advantage, and its strategy is firmly focused on seeking
opportunities to drive growth in revenue and assets under
management from these platforms. Kingswood aims to provide existing
and future clients with a high quality and personalised experience
with a complete service and product range to protect and grow their
wealth.
The Group is continuing to pursue growth opportunities with
targeted acquisitions in the UK, with the ultimate goal of creating
a global business through strategic partnerships and its ambition
is to gain a foothold in the US market in the near future. Further
details on the growth strategy and targets will be outlined in the
next trading update, expected in February 2019.
People
Kingswood's people are fundamental to its future success, and
the Board is committed to creating a partnership culture with
compensation aligned to business and personal performance. A
meeting of Kingswood's partnership group was recently convened, and
these senior business leaders will have a significant portion of
their compensation aligned with both individual performance
targets, alongside the enhancement of the Group's profit and share
price.
Key initiatives
In the short term, Kingswood is focused on several critical
products. These include the development of its Management Portfolio
Service (MPS) and Personalised Portfolio Service (PPS), the
implementation of a new, simplified tariff structure, and the
launch of several new product offerings.
Buzz West, Chairman of Kingswood, commented: "The Board is very
grateful to Marianne for her contribution to the business over the
last 18 months. We wish her well in her future endeavours.
"We are delighted that Gary, Patrick and Graydon have agreed to
form the senior leadership team that will successfully execute our
growth strategy. Their combined experience will be invaluable as we
aim to grow both organically and dynamically by acquisition in the
UK and US and deliver long-term shareholder value."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
For further details, please contact:
Kingswood Holdings Limited +44 (0)20 7293 0730
Gary Wilder
Patrick Goulding
finnCap Ltd (Nomad and Broker) +44 (0)20 7220 0500
Ed Frisby / Scott Mathieson / Anthony
Adams
+44 (0)20 3757 6880;
Newgate Communications (for media) kwwealth@newgatecomms.com
Robin Tozer / Fiona Norman
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END
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