UK wealth management group European Wealth has made two acquisitions totalling £2.76 million as part of its plan to expand its European operations.

UK wealth management group European Wealth has made two acquisitions totalling £2.76 million ($4.31 million) as part of its plan to expand its European operations.

European Wealth said in a statement that it has agreed to acquire Swiss-based P&C Global Wealth Managers and its sister company GTI Fund Investment in a deal with a maximum consideration of £2.76 million, of which approximately £13,807 is payable in cash and the remainder through the issue of new shares in European Wealth. 

P&C was founded over 10 years ago by Iain Little and Bruce Albrecht and currently has approximately £92 million of discretionary funds under management.  GTI is incorporated in the Cayman Islands, which offers a range of funds advised by P&C.

European Wealth said it expects Little will also join the board of European Wealth’s subsidiary European Investment Management and Albrecht will act as a consultant.

The initial tranche of £1,387,598 will be paid in cash and shares. Up to a further £1,373,791 will be paid in late 2015 through a new share issue.

"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,” said executive chairman John Morton.