14th Nov 2014 08:49
LONDON (Alliance News) - European Wealth Group Ltd Friday said it has made two acquisitions for a combined total of up to GBP2.8 million in order to support the expansion of its European operations and to offer complementary onshore and offshore wealth management services to clients.
In a statement, the wealth management group said it has agreed to acquire Swiss-based P&C Global Wealth Managers SA and the associated GTI Fund Investment Ltd.
European Wealth will issue up to 2.6 million shares to finance the purchases, with GBP13,807 to be paid in cash. European Wealth Group shares were untraded Friday morning. Its shares last traded at 104 pence.
According to European Wealth, P&C was founded more than a decade ago by Ian Little and Bruce Albrecht to service international clients. It currently has GBP92 million of discretionary funds under management. GTI is a sister company, incorporated in the Cayman Islands, which offers a range of funds advised by P&C.
Bruce Albrecht was a former group chief investment officer and global strategist for NM Rothschild London with assets of over USD100 billion and chief investment officer Europe for the Abu Dhabi Investment Authority with hands-on portfolio management responsibility, it said.
Iain Little was a former senior investment manager at Pictet Asset Management London, before becoming a partner and investment manager at Blakeney Management, and a divisional director at Edinburgh Fund Managers PLC, European Wealth said.
In 2013 the acquisitions' revenue amounted to CHF611,000 and showed a pretax loss of about CHF197,000. They had net assets of CHF179,000 at the end of that year.
Little is to join European Wealth subsidiary European Investment Management Ltd' board, while Albrecht is to act as a consultant.
"In addition to the benefits the acquisitions bring to our existing clients, the board also recognises the opportunities the acquisitions allow for expanding the group's international presence and servicing funds from established wealth management centres both in Europe and the Middle East," European Wealth Executive Chairman John Morton said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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