John Morton, the founder and former chief executive of European Wealth, is gearing up to launch a new boutique wealth manager.
The firm is called Broad Street Asset Management and will offer wealth management and financial planning services to clients.
Morton is currently in the process of acquiring the company from Mark Braddock, a partner in brokerage Arden Partners, who set up the business in March.
‘A lot of the businesses that I have worked with previously have tried to control all the different parts of the wealth management processes in house. But over the last four or five years it’s become a lot easier to outsource parts to competent third parties,’ said Morton.
‘At the heart of this new business is a wealth manager with a professional investment management offering and financial planning arm.’
The business is an appointed representative of Thornbridge Investment Management.
Morton was most recently at the head of European Wealth, which last year took bridge funding in order to cover prior loan liabilities. Kingswood and Astoria between them then assumed a majority stake.
He was previously at the head of Ashcourt Rowan, having held senior roles at Hill Samuels, Schlesinger and Abtrust during a 30-year plus career in wealth and institutional asset management, in addition to chairing Aberdeen Asset Management.
Morton took ‘an agreed leave of absence’ from European Wealth in September 2017, before formally leaving the company later that month.
Under Morton’s watch, the firm grew assets under management to £1.7 billion.
In October, the company announced that it is seeking to acquire US-based national broker dealer platform Newbridge, in a move to become a more global business. Following the deal, it is expected that European Wealth will rebrand to Kingswood.