European Wealth has acquired two firms in order to boost its onshore and offshore wealth management services.
The firm has acquired Swiss-based P&C Global Wealth Managers and the associated GTI Fund Investment for a consideration of £2.8m.
P&C is focused on international clients and has £92m of discretionary funds under management. Sister company GTI is incorporated in the Cayman Islands and offers a range of funds advised by P&C.
As part of the deal, founder Iain Little willl join the board of European Wealth's subsidiary European Investment Management, while co-founder Bruce Albrecht will act as a consultant.
Albrecht was a former group CIO at N.M. Rothschild London and CIO Europe for the Abu Dhabi Investment Authority, while 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.
European Wealth hopes the acquisitions will provide an offshore base in an established financial centre as well as a credible entry point into the Middle East market, should the company wish to establish a presence there.
Executive chairman John Morton said: "This is an important step forward in European Wealth’s evolution. We are delighted by the cultural fit between European Wealth and P&C’s business, which is based on the fundamental belief of delivering personal service to clients, irrespective of their portfolio size."
European Wealth will pay an initial £13,807 in cash and issue more than 1.3 million new ordinary shares in the capital of the company at a price of 104.9p per share.
It will pay a further £1.4m in late 2015, depending on the level of the acquired firms' funds under management and business pipeline. There will also be a second issuance of shares.
In June, European Wealth made its first acquisition, of Surrey-based advice firm Compass Financial Benefits.
The AIM-listed group reported a rise in assets of nearly a quarter in the first six months of the year.
