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European Wealth acquires Gibraltar-based fund for £750,000

Lead investment director of G20, Michael Mechas, will join European Wealth's investment committee

Pound Stirling
CPML currently has around US$22mln of funds under management.

European Wealth Group Ltd (LON:EWG) has acquired CIMCO Partners Management Limited - which manages the Gibraltar-based G20 Absolute Return fund – for up to £750,000.

The group has entered into a binding share purchase agreement with the lead investment director of G20, Michael Mechas.

The initial £500,000 is payable upon completion in shares, with the rest paid after 12 months depending on profitability of the fund.

Mechas will continue his role as lead investment director, and will join European Wealth's investment committee to help identify international acquisitions.

Mechas has also subscribed for 454,545 new European Wealth shares at a price of 55p per share, bringing his total voting rights to around 5.5%.

CPML currently has around US$22mln of funds under management. The acquisition adds a third fund to European Wealth's in-house range.

“It broadens the range of equity investment styles available ahead of the launch of an institutional equity service planned for later in the year,” said the group.

 

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