AFH, a UK-based financial planning led wealth management firm, has acquired Cornwall-based Duchy Wealth Management in a deal valued up to £630,000.
The deal, which is the thirteenth for AFH in the current financial year, adds £60m in funds under management to AFH’s books. Duchy’s Simon Holdsworth will join AFH as an adviser as part of the deal.
AFH will initially pay £310,000 in cash, from its existing cash resources and later pay £320,000 over 26 months in two tranches based on the performance criteria of the acquired business.
AFH CEO Alan Hudson said: “The latest acquisition enhances our position in the South West of England and I am pleased to welcome Simon to AFH and look forward to working with him to continue our growth in this region.”