Larry Roth, the former head of Advisor Group and Cetera Financial Group, is set to serve as executive chairman of an entity being formed by the merger of a special purpose acquisition company, Kingswood Acquisition, and a broker–dealer, Wentworth Management Services.
In its announcement on Friday, Kingswood said its planned merger with Wentworth should be wrapped up by June 30. Upon completion of the deal, the combined entity — to be named Binah Capital Group — will become a publicly traded company, according to a regulatory filing; its operations will include a wealth management platform supporting some 1,900 registered individuals at four broker‐dealers and RIAs.
Wentworth President Craig Gould will serve as Binah's CEO, and David Shane, a former chief financial officer of Sanctuary Wealth, will be CFO.
"I'm excited to join Binah as the firm's executive chairman during a period of truly exceptional growth opportunities for our industry," according to a statement from Roth, now a managing partner of RLR Strategic Partners, an investment firm focused on wealth management and M&As in association with Berkshire Global Advisors.
