European Wealth, the UK based wealth management group, has announced a deal to acquire two businesses to expand its European operations in a deal worth approximately £2.76m.
The firm has agreed to acquire Swiss-based P&C Global Wealth Managers and its sister company GTI Fund Investment.
P&C was founded more than a decade ago by Iain Little and Bruce Albrecht and currently has approximately £92m of discretionary funds under management, while its sister firm GTI is incorporated in the Cayman Islands and offers a range of funds which are advised by P&C.
European Wealth stated the total maximum consideration for the acquisitions is £2.76m, of which £13,807 is payable in cash and the remainder in the issue of new shares in European Wealth. The initial payment tranche of £1.39m will be paid in cash and shares. And up to a further £1.37m will be due in late 2015, paid through a further share issue, but this is “dependent on the acquisitions’ funds under management and pipeline as at 13 November 2015”.
The firm stated that it is expected Iain Little will join the board of European Wealth’s subsidiary European Investment Management. while Bruce Albrecht will act as a consultant.
John Morton, executive chairman of European Wealth, added: “This is an important step forward in European Wealth’s evolution. 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”.