LONDON (ShareCast) - (ShareCast News) - Wealth management group European Wealth posted its results for the 2015 calendar year on Wednesday, including a 20% increase in funds under management to £1.2bn.
The AIM-traded firm said three acquisitions were successfully completed during the year, including Greensnow in July adding £70m of funds under influence.

In September, it acquired the financial planning clients of Bells Solicitors adding £43m of funds under influence, and in November it acquired XCAP Nominees adding £30m to the group.

Group recurring revenue reportedly increased to 63%, from 45% in 2014.

European Wealth's income from trading activities grew 67% to £7.7m, with financial planning recurring revenue rising to 72% from 49%.

There was also strong growth in Treasury and Cash Management, which now accounts for 13% of the Investment Management division's revenue.

The firm's loss before tax grew to £1m, from £0.3m, which it said reflected lower than expected trading volumes and the costs associated with making acquisitions and bringing in revenue-generating staff.

European Wealth's net assets at year end were £17.3m, up from £16.6m at the end of 2014.

"The group has continued to pursue its core strategy of taking advantage of the structural changes within the financial services industry both in the United Kingdom and internationally," said chairman John Morton.

"These changes, which are primarily driven by changing regulation, are resulting in increased stress on overheads at a time when the industry is becoming more competitive and margins, particularly in the investment management industry, remain under pressure."

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