European Wealth Management has expanded its assets under management to £130 million following its acquisition of Aventus Capital Management.

The purchase of Aventus, the investment management arm of law firm Rickerbys, means that European Wealth will have a presence in Cheltenham in addition to its existing offices in London, Brighton and Kent.

Anne Compton, managing partner of Rickerbys, assured clients that the deal would be a 'seamless integration' of European Wealth's financial planning provision with Aventus's existing investment management business.

Cheltenham-based Aventus is European Wealth’s second acquisition of 2011, having taken over Mathews Smith, a financial planning group located in Maidstone, earlier in the year.

Rod Gentry, chief executive of European Wealth, commented, ‘We have clear and ambitious plans for growing European Wealth and this acquisition is very much in line with these plans where we intend acquiring successful businesses and their teams to increase our presence as well developing high levels of organic growth.

‘The Aventus team are highly experienced with strong technical capabilities, solid systems and infrastructure and we are delighted that they will be joining us to further enhance the services to our clients.’

European Wealth was founded in 2010, and has employed professionals who previously worked at firms such as City of London Investment Group, Ashcourt Asset Management and Vestra Wealth.