European Wealth acquires absolute return fund manager


European Wealth has acquired fund manager Cimco Partners Management for £750,000.

Cimco has approximately $22m (£16.5m) of funds under management and manages the Gibraltar-based G20 absolute return fund.

It also runs the G20 Property fund.

An initial £500,000 is payable in shares once the deal is completed, with the remaining £250,000 paid after 12 months depending on the profitability of the fund.

The fund house is the third to be added to European Wealth’s in-house offering.

Cimco managing director Michael Mechas will join European Wealth and continue as lead investment director of the fund. He will also join the investment committee and focus on international acquisitions.

European Wealth group chief executive John Morton says: “I am delighted to announce the acquisition which further strengthens our position as a broad based and established wealth manager and look forward to Michael joining the investment team and supporting the growth of the company.”