European Wealth has ended its plans to acquire Newbridge Corporation as it could not resolve the outstanding closing conditions to a level that satisfied its board.
The firm had entered final stages of commercial due diligence on Newbridge after FINRA, the US regulator, had given the go-ahead for the deal last month. Newbridge has now informed FINRA that the deal will no longer go ahead.
“While we have decided not to proceed with the acquisition of Newbridge, we remain committed to our strategy and are ambitious to grow both organically and dynamically by acquisition in the US and Europe,” said Marianne Ismail, chief executive of European Wealth. "Since my appointment in September, we have conducted an extensive strategic review of the operating businesses and put in place a significant number of positive measures to position the group for growth, to markedly reduce operating costs and to grow AUM and recurring fee income.
"As a result of the recent fundraising the group is debt free and well-positioned to take advantage of the long-term growth opportunities present in the global wealth management and financial planning market."