Welcome to our new website! Let us know what you think..

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

AIM-listed wealth firm primed for acquisitions after strong first half

AIM-listed wealth firm primed for acquisitions after strong first half

European Wealth believes it has a good platform for more acquisitions following a strong performance in the first half.

The AIM-listed wealth firm, which recently sealed a deal for Surrey-based adviser business Compass, said assets under management rose by 24% to £0.8 billion in the first half.

It attributed the growth to strengthening of its European Investment Management team and the recruitment of experienced asset managers. It was also helped by continued growth in its financial planning business, European Financial Planning, through the development of its personal pension capability.

The acquisition of Compass was European Wealth’s fifth in four years and its first since its admission to AIM in May.

With markets approaching historic highs the group warned the second half is unlikely to show the same level of organic revenue growth. It also said it remains on the lookout for acquisition opportunities.

Chairman John Morton (pictured) told the market: ‘The last six months have been a period of continued expansion for the group. The completion of the AIM admission in May was a major milestone for the group. This brought immediate benefits with the Compass acquisition and associated fund raising following less than two months later.

Such a transaction would have been far harder to execute under our previous ownership structure and underlines our strategy of combining organic growth with targeted acquisitions.
 
He added: ‘We continue to review further organic growth and targeted acquisition opportunities that have the ability to widen our geographic reach, broaden our scope of services and access important new client niches in the second half of the year.’

Leave a comment
Citywire TV
Play BlackRock UK Special Sits: when will we sell our star holdings?

BlackRock UK Special Sits: when will we sell our star holdings?

What would prompt Roland Arnold to sell the likes of Ashtead and Howden?

Play AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

Henderson International Income trust manager Ben Lofthouse shares his thoughts on recent developments in the tobacco sector in this video.

1 Play Renewable energy: what I found on my solar farm trip

Renewable energy: what I found on my solar farm trip

Renewable energy is attracting a lot of investor interest, so I headed to the UK's largest solar farm to find out more.

Your Business: Cover Star Club

Profile: how Matthew Butcher is carving a new role at Dart Capital

Profile: how Matthew Butcher is carving a new role at Dart Capital

The wealth management industry is undergoing a profound period of change: whether it wants to admit it or not.

Wealth Manager on Twitter