AFH Financial, a UK-based financial planning led wealth management firm, has acquired the assets of Rochester-based IFA CIB Wealth Management in a deal worth up to £973,350.
The acquisition will add £40m in funds under management to AFH Financial.
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AFH Financial said that the deal will comprise of an initial cash payment of £453,600 and a further cash consideration of up to £472,500 payable in two tranches depending on performance of CIB over the next 26 months following completion.
Upon completion of the deal, five financial advisers of CIB, including the principal of the business, Jonathan Dalby, will join AFH.
The deal, which is AFH Financial’s eighth acquisition since listing on AIM in June 2014, will be paid from AFH’s existing cash resources and the issue of 31,500 shares in the AIM-listed advice group.
The acquisition aims to boost AFH Financial’s presence in the South East of England.
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By GlobalDataAFH CEO Alan Hudson said: "Importantly, it also provides CIB advisers the opportunity to develop their own client bases with the support and infrastructure of a larger business and to build a future capital value through AFH’s in-house adviser practice buy-out scheme."
