AFH Financial Group has acquired Origin Financial, an independent financial advisory (IFA) firm based in West Midlands, England, for £1.1 million (US$ 1.75 million).
Origin Financial has about £88 million funds under management and in the year ended 31 December 2012, the firm had revenues of approximately £770,000 of which £440,000 was recurring income.
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All advisers and staff will remain with the company, along with Andrew Smith, current CEO of Origin Financial, who will become a divisional director. After a short integration period, the business will be operated from AFH’s Bromsgrove headquarters.
Alan Hudson, chairman and CEO of AFH, said: "We are delighted to continue a period of high activity for the company with our 16th select acquisition since listing.
"With the recent fundraising completed, we have the necessary capital to make strategic investments in complementary businesses that add immediate value and help promote AFH as a leading UK IFA," Hudson added.
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