3rd Oct 2013 07:48
LONDON (Alliance News) - EW Group Limited Thursday said it has raised GBP584,400 through the issue of 58 million new shares to support its investment strategy, including providing further capital to finance the continuing growth of its largest investment, European Wealth Management Group PLC.
European Wealth is a private wealth-management business founded in 2010 with headquarters in London and regional offices throughout southern and central England.
EW said through its operating subsidiaries, European Wealth now provides investment management and financial planning services to almost 5,000 clients.
In the company's interim results last month, EW reported that European Wealth had produced a maiden profit in the six months to 30 June of GBP240,000 on the back of a growth in turnover of 164% compared to same period in 2012.
European Wealth's revenues for the first half of the current year were over GBP3 million, with assets under management of GBP0.63 billion as at 30 June.
EW Group shares were up 0.01 pence at 1.34p early Thursday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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