The UK-listed wealth management group has bought Cheshire-based Xcap Nominees for an undisclosed sum.

European Wealth has added £30 million ($45.5 million) of assets to its Manchester office with the acquisition of Xcap Nominees.

The acquisition, details of which were not disclosed, boosts the wealth manager's Manchester office, which opened late last year and has a team of six investment managers. 

“Manchester is a key regional centre for our business. This deal further strengthens the asset base of the business and emphasises our commitment to building our presence here,” said John Morton, executive chairman of European Wealth.

Aside from serving clients across the UK, the group's Manchester operation will provide investment services to professional intermediaries in the Far East.

European Wealth has also been named the discretionary investment manager for the Montpelier Group in Malaysia and Thailand, which has over £100 million in assets under management.

In September, the group posted a 90 per cent rise in revenue to £3.8 million for the first half of 2015, and announced it was acquiring the financial planning business of UK legal firm Bells Solicitors.