Ryan Morfin is exiting his role as chief executive of Wentworth. The departure comes as the aggregator of independent broker-dealers is attempting to go public via a merger with a special purpose acquisition company (SPAC).
Brian Hamburger, an attorney for Wentworth, told Citywire that Morfin will remain the company’s chief executive for the time being, but that in connection with the merger, Wentworth ‘is in the midst of a transition to a management team that has public company experience.’
Asked whether Morfin would remain affiliated with Wentworth in an advisory capacity or other role after the merger completes, Hamburger declined to comment.
Morfin has led Wentworth since its 2016 founding. The Frisco, Texas-based company backs brokerage firms Purshe Kaplan Sterling, Cabot Lodge Securities and World Equity Group, among other entities.
In July, British wealth manager Kingswood Group said that its SPAC, Kingswood Acquisition Corp., had agreed to merge with Wentworth and take the company public. The combined company will do business under the name Binah Capital Group.
When the transaction was revealed, Kingswood and Wentworth said that Wentworth’s president, Craig Gould, was expected to become president of Binah Capital. The release did not mention Morfin.
Kingswood said that Binah Capital will have roughly $25bn in assets under management and 1,900 affiliated advisors. The merger values the company at $208m on a pro forma basis.
SPACs, also known as blank check companies, are publicly traded companies which raise money from investors and subsequently deploy that cash to buy a private company and take it public. If a SPAC can’t complete a deal in two years, it must return the money it raised to its investors.
Kingswood Acquisition Corp. and Wentworth face a November 24 deadline to complete the merger.
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September 20, 2022 at 08:31PM
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Wentworth chief executive Ryan Morfin to exit - Citywire USA
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