AFH Financial Group has acquired Scotland-based IFA, Michael Mac Wealth Management, for £250,431.
The deal comprises an initial cash payment of £58,851 from AFH Financial’s existing resources, and a further cash consideration of up to a maximum of £191,580 depending on the performance of AG Financial in the 24 months following completion.
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The acquisition marks AFH Financial’s nineteenth acquisition since listing on ISDX in June 2011 and the second since the retail distribution review (RDR) was implemented on 1 January 2013.
The acquisition, which will see the owner and founder Michael Mac leave the industry, will add around £8.35 million in funds under management.
Following the acquisition, all of the 750 clients of Michael Mac will be transferred to advisers at AFH.
Commenting on the acquisition, Alan Hudson, chairman and chief executive of AFH, said: "The first quarter of this financial year has started well with high activity at the Company. I am pleased to welcome Michael Mac’s clients to AFH Financial Group where they will immediately benefit from the breadth and quality of the services that we provide."
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