Initially, AFH Financial will pay an amount of GBP100,000 as consideration for the firm, with up to GBP625,000 in deferred consideration payable over the next two years.
AFH will also purchase the assets and goodwill of Specialist Solutions as part of the agreement, though it is not assuming any advice liability incurred prior to the acquisition.
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Currently, Specialist Solutions has approximately GBP80 million of funds under advice.
The acquisition of Specialist Solutions is AFH’s eighth since its IPO in June 2011 and will bring its total number of advisers to 88, up from 53 at the time of the IPO.
The new advisers will operate out of AFH’s headquarters in Bromsgrove, UK.
It was in April 2011 that FSA had fined Specialist Solutions GBP35,000 for promoting unregulated collective investment schemes to clients without properly assessing suitability during the period between 1 January 2008 and 31 December 2009.
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