European Wealth Group is set to acquire US broker and financial services group Newbrdge creating a firm with $4bn assets under management (AUM) and 20,000 clients on its platform.
Subject to US Financial Industry Regulatory Authority (FINRA) approval, the acquisition is set to complete in late 2017 or early 2018 with European Wealth expected to rebrand as Kingswood after it completes. Headquartered in Florida, Newbridge has a network of 220 professional advisers with 46 offices across the US and an approximate AUM of $1.7bn. Acquisitions, hires and demergers: The big wealth management stories of Q2 and Q3 Funding for the acquisition will be met by a convertible loan, underwritten by one of European Wealth's shareholders KPI. There will be no change to the...
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