The latest mergers, acquisitions and other corporate actions in the wealth management sector.

General Atlantic, the US private equity firm, has taken a minority stake in Partners Capital, an outsourced chief investment office.

The stake has been bought by Partners Capital’s external shareholders and some of the founding generation partners. The financial size of the transaction was not disclosed by Partners Capital yesterday.

Partners was founded in 2001, and acts for institutional and private clients. The existence of such outsourced CIO firms speaks to a need by some entities – such as family offices – to use external expertise instead of trying to undertake such tasks themselves.

Partners Capital’s client base includes endowments and foundations across the US, Europe and Asia, ultra-high net worth families and senior members of investment firms for whom the firm runs their family endowment.

The organisation oversees more than $50 billion in assets and employs more than 350 people across its seven offices located in Boston, New York, London, San Francisco, Paris, Singapore and Hong Kong.

Kingswood, Baseplan
Wealth manager Kingswood Holdings has announced that its Irish subsidiary, Moloney Investments (MMPI), has completed the acquisition of BasePlan, a Dublin-based retirement planning advice firm, following regulatory approval. 

“We acquired MMPI in March 2023 with the intention of identifying acquisition opportunities to help scale the business. We see the Irish market as rich in opportunity and hope to further add to our MMPI business in the near future,” David Lawrence, Kingswood Group CEO, said.

BasePlan is a financial advisory firm which has been providing client-led financial and retirement planning and wealth management services for over 30 years, managing client assets of €130 million ($140 million). Upon completion, there will be a managed handover and some of the team will remain, allowing for a transition for clients, the firm continued.

Established in 1993, MMPI is a financial advisory group based in Dublin which was acquired by Kingswood in March 2023, marking Kingswood's first step into the Irish market. The acquisition of BasePlan takes Kingswood assets under management in Ireland to over €1 billion.

Kingswood, which has £12 billion ($15 billion) of assets under advice and management, serves clients from offices across the UK with overseas offices in South Africa and the US.