Kingswood U.S. Names SPAC Leader Michael Nessim CEO
Kingswood U.S. on Monday named its president, Michael Nessim, as its new CEO, replacing Derek Bruton, who last week said he was stepping down from the role, a company spokesman confirmed.
Nessim, who was appointed president of Kingswood U.S. in August 2020, will retain that title and also remain the CEO of Kingswood Acquisition Corp., a special purpose acquisition company (SPAC) sponsored by the U.K.-based Kingswood, and a sister company to Kingswood U.S.
The SPAC, whose other directors include former Cetera CEO Larry Roth, in November raised $115 million in its initial public offering. The firm at the time said it planned to use proceeds to invest in U.S.-based RIAs and other wealth management firms with $1 billion or more in assets under management.
Additionally, Nessim continues to run Benchmark Investments, a New York City-based brokerage firm that he started in 2019 and that is majority-owned by Kingswood U.S.
Bruton took the helm at Kingswood U.S. in May last year, after it purchased majority stakes in RIA Chalice Wealth Advisors and IBD Chalice Capital Partners, where he was president. He said last week that he would remain as a strategic advisor with Kingswood through June and announce his future plans thereafter.
Kingswood U.S. owns two RIAs and two broker-dealers and provides a brokerage platform, technology, and business support to more than 160 independent financial advisors.