The UK-listed wealth management group saw its revenue jump to £3.8 million over the first half of 2015, up from £2 million a year ago.

European Wealth posted a 90 per cent rise in revenue to £3.8 million ($5.9 million) in its first-half results and announced a new acquisition.

The group reported a pre-tax loss of £400,000 million, compared to a pre-tax profit of £330,000 in the first half of 2014.

“The comparison is misleading in that the profit in the six months to 30 June 2014 included an increase in the paper value of the investment in European Wealth Management Group which increased turnover by £0.83 million,” said European Wealth's executive chairman, John Morton.

Group funds under management grew 32 per cent year-on-year to £1.08 billion, of which £751 million came from its investment management business.

European Wealth said last year's P&C acquisition was now fully integrated into the business and renamed European Wealth (Switzerland). It also announced it was acquiring the financial planning business of UK legal firm Bells Solicitors for £675,000.

Bells Financial Planning primarily advises high net worth individuals and private clients in the Farnham, Surrey area. In the year to the end of August, its clients accounted for around £43 million of funds under influence and £185,000 of revenue, of which 91 per cent was recurring.

The latest purchase follows European Wealth's £3 million acquisition of ISM Solutions, a London-based financial advisory firm, in July.

“The combination of uncertainties in the global markets and the underlying dynamics of the wealth management industry will continue to create meaningful opportunities for the group – allowing us therefore to continue building on the strategy of growth by acquisition, attracting revenue-generating staff and organic growth. At the same time we will be continuing to control the underlying costs within the group to continue building profitable growth,” said Morton.