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Kingswood raises $115 million of SPAC cash and its Wall Street profile by cutting in Larry Roth; but can they buy RIAs at the right price in a feverish market?

With the RIA rollup game go-big-or-go-home, making a royal alliance between British founders and Roth boosted the blank-check venture

Author Oisin Breen December 19, 2020 at 2:02 AM
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Larry Roth: Our first acquisition will be a very large, well-established, branded firm.

Mark Casady


Larry Roth

Brian Murphy

Brian Murphy

December 19, 2020 — 4:39 AM
You know we're nearing another peak when the big stories of the day are about financing vehicles. Barbarians at the Gate comes to mind (along with a slew of other LBO shops of the 1980s). Lou Ranieri and mortgage backed securities of the early 1990s. Now it's SPACs. When investors are so silly as to fund "strategies" that are nothing more than "give us money and we'll buy other highly profitable firms...and keep 20% for ourselves", it's best to watch from the sidelines. All of these investment industry SPACs are nothing more than money grabs by senior executives who recognize the opportunity for what it is...cheap money with no strings attached for a couple of years. Heads I win, tails you lose. The 1% pushing to move up to the 0.5%. Are there ANY benefits to the average American in any of these transactions? No. Do you think either of these SPACs intend to drive down the cost of investment management in the industry? Of course not. The goal is to consolidate and keep prices high. Same as it ever was.
George Papadopoulos

George Papadopoulos

December 19, 2020 — 9:32 AM
What Brian said :)

Related Moves

September 29, 2022 at 1:24 AM

Three months after Larry Roth's SPAC steps in, Derek Bruton steps down as Kingswood US CEO and eyes next move in July with no Kingswood successor in sight

The former LPLer's three-year stint began with Chalice in San Diego and ended with lead role in a British roll-up later swallowed by an investment firm headed by former Cetera CEO Roth.

March 30, 2021 at 8:00 PM

Whiplashed by meteoric growth, Oleg Tishkevich seeks help to reinvent INVENT and brings Larry Roth on board to tame the flames

The Seattle firm has already quintupled the scale achieved by Tishkevich's FinanceLogix, but with IBDs replacing software patches with cloud computing, INVENT needs to grow up fast.

March 11, 2021 at 11:49 PM

Derek Bruton rides again as CEO of Chalice Wealth Partners IBD and RIA, after Kingswood acquisition splits units from the services outsourcer

The dynamic duo of Keith Gregg and Derek Bruton has split into solo acts -- with Bruton joining British roll-up arrivistes, Kingswood. But there's no hard feelings, say the pair.

January 21, 2020 at 7:52 PM

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Top Executive: Jerry Murphy

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