Kingswood US has named Michael Nessim, the company’s president, as its new CEO, replacing Derek Bruton, who said he stepped down from his position last week. Kingswood spokesman Andrew Wang said Nessim would serve as both CEO and President on an ongoing basis.
Nessim has served as the domestic arm of the London-based Kingswood Group at Kingswood US, a hybrid wealth management company with over $ 2 billion in assets under management, since its early inception. He is also CEO of Kingswood Acquisition Corp., a special purpose vehicle (SPAC) that will invest in registered investment advisors with an AUM of over $ 1 billion or more. Nessim continues to lead Benchmark Investments, a young investment management firm that he founded in 2019.
Bruton said last week he would stay with Kingswood as a strategic advisor until June, when he also announces the details of his future plans.
“It was time to step back after overseeing the sale and transition from Chalice to Kingswood last year and then working closely with Kingswood President Michael Nessim to lay a solid foundation for business growth,” wrote Bruton in a LinkedIn post.
Bruton joined Kingswood US in late 2019 when he acquired a broker / dealer and registered investment advisor from Keith Gregg, owner of Chalice Financial Network, the software-as-a-service company for independent small and medium-sized businesses.