European Wealth buys fund manager for £750k

CIMCO has $22m of funds under management in its G20 Absolute Return fund, which is based in Gibraltar. It became the third fund in European Wealth's in-house range ahead of the launch of an institutional equity service planned for later in the year. The news follows the appointment of John Morton as chief executive in August. Vendor of CIMCO Michael Mechas will be joining European Wealth as a result of the acquisition and will continue in his position as lead investment director of the G20 Absolute Return fund. Morton said: "I am delighted to announce the acquisition which furth...