19th Jan 2017 10:17
LONDON (Alliance News) - Wealth manager AFH Financial Group PLC on Thursday said it has acquired the assets of two independent financial advisers in Aberdeenshire and Devon.
AFH will pay GBP556,500 to acquire Aberdeen Wealth Management Ltd, comprising GBP294,000 upfront and the balance over the following 26 months based on Aberdeen Wealth meeting performance targets.
It will additionally pay GBP520,000 to buy Shield Direct, a Devon-based firm. That will comprise GBP272,000 upfront and the rest over the following 26 months dependent on performance targets being hit by Shield.
"The acquisition of the assets of Aberdeen and Shield follows the recently reported acquisition of the assets of David Rushton and demonstrates the increasing level of activity that we are seeing in the market," said Alan Hudson, AFH's chief executive.
"The company continues to seek high-quality businesses of all sizes that will embrace the AFH culture of providing exceptional value to our growing client base while providing attractive returns to our shareholders," he added.
Shares in AFH were untraded on Thursday, having last traded at 160.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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