UK-based IFA firm AFH Financial Group has acquired the business and assets of Robert Magee & Associates for £486,000.

AFH Financial said that the deal will comprise of an initial cash payment of £204,000 from its existing resources, and a further cash consideration of up to £282,000 depending on the performance of Robert Magee in the 26 months following completion.

The acquisition marks AFH Financial’s 18th acquisition since listing on ISDX in June 2011 and the fifth since the retail distribution review (RDR) was implemented on 1 January 2013.

Robert Magee manages approximately £27 million of funds for around 550 clients. The firm had recurring revenues of approximately GBP 136,000 in its most recently completed financial year.

AFH said that it will not take the additional staff pursuant to the acquisition and Robert Magee, the vendor of the business, is leaving the industry.

Alan Hudson, chairman and CEO of AFH, said: "I am pleased to report this further enhancement of our client base and the funds that we manage. Robert Magee’s clients will now be advised by AFH’s advisers and will have immediate access to the comprehensive financial planning services that AFH provides."