After more than 18 months of anticipation, the merger between Kingswood Acquisition Corp. and Wentworth Management Services, a broker-dealer roll-up, has finally been completed, marking the formation of Binah Capital Group.

As reported by AdvisorHub, Binah Capital Group is set to commence trading on the NASDAQ under the ticker symbol BCG following the merger. The combined company, valued at $208 million, boasts a substantial presence with 1,900 advisors managing assets totaling $23 billion.

Under the new structure, Wentworth's four broker-dealers—Cabot Lodge, World Equity Group, Broadstone Securities, and Purshe Kaplan Sterling Investments—will maintain their individual brand identities and management teams. Craig Gould, President of Wentworth, assumes the CEO role at Binah, while David Shane, former CFO of Sanctuary Wealth, steps in as CFO. Gould expressed enthusiasm about the merger, highlighting the enhanced access to public capital and strategic growth opportunities it offers.

The merger agreement between Kingswood and Wentworth initially was announced in 2022, with several delays before securing shareholder approval in March 2023. Kingswood Acquisition, a blank-check company sponsored by Kingswood Group, facilitated the merger. While Kingswood Acquisition executives, including Kingswood U.S. CEO Mike Nessim, retain their shareholder status in the new entity, they will not be involved in Binah's management.

According to AdvisorHub, the merger comes after former Wentworth CEO Ryan Morfin's departure, who faced disciplinary action from FINRA in November for acting in a principal capacity at the broker-dealers without proper registrations. However, he neither admitted nor denied wrongdoing in a settlement agreement (Acceptance, Waiver and Consent, or "AWC") with FINRA.

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