Kingswood U.S., which is part of a network of independent firms overseeing more than $15 billion in client assets, has acquired Nashville-based Eudaimonia Group, three registered investment advisory firms managing more than $1 billion in assets across 17 advisors. The deal adds Eudaimonia Partners and Eudaimonia Advisors to Kingswood’s corporate RIA. It also brings an in-house turnkey asset management platform, Eudaimonia Asset Management, to Kingswood advisors.
As part of the deal, which closed Sept. 1, Eudaimonia founder and President John Goodson will serve as president of his group, reporting to Michael Nessim, CEO, president and managing partner of Kingswood U.S.
Nessim said this is Kingswood’s first acquisition of this size, and that the firm plans to do similar deals in the future. In 2020, Kingswood acquired Chalice Wealth Advisors and Chalice Capital Partners, an RIA and independent broker/dealer, respectively, setting the stage for the company’s growth.
In the last three years, Kingswood has grown its RIA from about $150 million to $1.6 billion, not including Eudaimonia, primarily through organic growth and advisor recruiting.
The acquisition builds Kingswood’s presence in the Nashville area, “an up-and-coming wealth center,” Nessim said. It also brings the RIA to a significant scale, with nearly $3 billion in assets.
“It begins to bring us to an offering where we begin to see $10 billion in our sights,” he said.
Eudaimonia custodies with Raymond James and Charles Schwab, two of Kingswood’s custodians, so there will be no repapering. Kingswood also uses RBC and Apex Clearing for custody.
Goodson will help Kingswood with recruiting and potential M&A opportunities.
“Working with Eudaimonia and expanding our presence in the increasingly important southern market positions Kingswood U.S. for additional large-scale acquisitions,” said Jamie Golden, Kingswood U.S. head of acquisitions.