European Wealth boosts Spinningfields office by acquiring Xcap Nominees

Wealth management firm European Wealth has boosted its office in Manchester with the acquisition of Wilmslow-based Xcap Nominees.

The deal adds £30m in assets to European Wealth’s Spinningfields’ office, strengthening its presence in the region.

Three Xcap Nominees employees will move across to European Wealth, bringing with them their network of Far East clients, according to executive chairman John Morton.

Following the acquisition, European Wealth has become the discretionary investment manager for the Malaysia and Thailand-based Montpelier Group of companies, which have assets under management worth more than £100m collectively.

John said of the transaction: “The business ticked all the boxes. We were also effectively buying those relationships too, allowing us to expand and diversify.

“Wealth is moving east.”

In September, European Wealth reported that revenues were up by 90% in the six months to the end of June due to a string of acquisitions.