UK-based European Wealth has acquired Swiss firm P&C Global Wealth Managers and its sister company GTI Fund Investment for £2.76m.
Out of the £2.76m which is the maximum consideration for the acquisitions, a total of £13,807 will be payable in cash while the rest will be funded through the issue of up to 2,619,240 new ordinary shares in European Wealth.
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Founded by Iain Little and Bruce Albrecht, P&C offers financial services to international clients and manages £92m in discretionary funds, while GTI provides a range of funds advices by P&C.
Little will join the board of European Investment Management, which is European Wealth’s subsidiary, and Albrecht will serve as a consultant.
The duo will each hold a 4.16% stake in European Wealth.
As part of the acquisition, several European Wealth directors will also join the P&C’s board.
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By GlobalDataJohn Morton, executive chairman of European Wealth, said: "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."
