AFH Financial Group, a UK-based financial planning led wealth management firm, has acquired the assets of independent financial advisory (IFA) firms Aberdeen Wealth Management and Shield Direct.

The acquisitions of Aberdeenshire-based Aberdeen Wealth and Devon-based Shield Direct will add about £44m in funds under management to AFH’s books.

AFH will pay a maximum consideration of £556,500 for Aberdeen Wealth. It already paid an initial cash payment of £294,000, while the remaining £262,500 will be paid in cash over the next 26 months depending on the performance of the purchased assets.

Aberdeen adviser Mike Murray will join AFH as part of the deal, while the firm’s other vendors will retire and their clients will be serviced by AFH advisers.

AFH will pay up to £520,000 for Shield Direct. It already paid an initial cash consideration of £272,000, while the remaining £248,000 will be payable in cash over the next 26 months depending on the performance of the assets acquired.

AFH CEO Ian Hudson said: "The acquisition of Aberdeen will strengthen our position in Scotland and I look forward to working with Mike to continue the development of AFH. The acquisition of Shield will bring a number of high quality clients spread across the South West and West Midlands."

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