British wealth firm AFH Financial Group, has acquired the assets of Northampton-based Hindsight Financial Services for £281,250.
The acquisition marks AFH Financial’s third acquisition since listing on AIM in June 2014 and its eleventh acquisition since the implementation of RDR.
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The deal will comprise of an initial cash payment of £140,625 and a further cash consideration of up to £140,625 payable in two tranches depending on performance of Finlay Gow over the next 26 months following completion.
The acquisition will add adds £15 million in funds under management to AFH Financial and also takes AFH’s total adviser numbers to 136.
The purchase will boost AFH Financial’s total funds under management to £840 million.
Upon completion of the deal, Hindsight’s director, Trevor Dimmock, will join AFH as an adviser and continue to service his clients.
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By GlobalDataAdditionally, AFH has also acquired the client bank of Cardiff-based Jeff Seward & Partners in a deal worth up to £45,000. The clients will be serviced by existing AFH advisers.
AFH chief executive Alan Hudson says: "The transaction sees further geographical expansion of the AFH brand and continues to underpin the board’s strategy of growing the business both organically and through select and opportune acquisitions.
"In a period of less than three months since moving from ISDX, the company is beginning to see the benefits of its Aim listing. The board remains focused on building a significant footprint within the UK and continuing to grow shareholder value," he added.
