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European Wealth Group buying Newbridge Securities, Newbridge Financial Services

U.K.-based European Wealth Group plans to acquire Newbridge Securities Corp. and affiliate Newbridge Financial Services Group Inc.

The acquisition will immediately double the assets under management of the combined platform to about $4 billion and will provide direct access to all states, excluding Maine. European Wealth Group will rebrand as Kingswood, subject to shareholder approval, to reflect its global nature.

After the deal closes, Leonard Sokolow will take on the role of CEO of the Newbridge business, and Thomas Casolaro will serve as president. Sokolow is president and CEO of holding company Newbridge Financial Inc. and chairman of Newbridge Securities. Casolaro is currently CEO of Newbridge Securities.

European Wealth Group is also adding Gary Wilder, Jonathan Massing and Darryl Kaplan to its board. The board of the U.S. holding company will consist of Wilder, Massing, Patrick Goulding and Marianne Ismail.

The deal is expected to close in late 2017 or early 2018.