Wentworth Management Services has announced that it will go public through a special purpose acquisition company (SPAC) with the ultimate goal of growing through acquisitions.
Wentworth will merge with the SPAC, Kingswood Acquisition Corp., to operate as a new entity, Binah Capital Group. The newly formed entity will include more than 1,900 advisors and more than $285 billion in affiliated assets under management.
Kingswood CEO Michael Nessim shared that "the firm is well-positioned to succeed in a fast-evolving wealth management industry landscape." Nessim further stated that the transaction underscores the importance of wealth management firms aligning themselves with organizations with global reach, resources, and expertise to accelerate their continued growth.
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