On 23 May, European Wealth indicated it had discovered debts at Newbridge and on Thursday morning it said the board couldn’t agree closing conditions.
As a result, the firms “mutually decided not to proceed”.
“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 European Wealth chief executive Marianne Ismail.
“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.”
Had the deal gone ahead, European Wealth would have added $1.7bn (£1.2bn, €1.4bn) in US-based assets.
