AFH, a UK-based financial planning led wealth management firm, has taken over the assets of Arden Financial Consultants and the share capital of Martin Cooper Wealth Management, both based in the West Midlands.
The deals will add £50m in funds under management and nearly £430,000 in revenue to AFH’s books.
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The combined maximum consideration for the deals is £1.4m. AFH will initially pay £0.7m in cash from its existing cash resources and a further £0.7m in cash over the next 26 months based on the performance of the assets acquired.
As part of the deal, Kevin Hobbs, Steve Down and John Kirkland will join AFH as advisers, while other vendors involved will retire.
AFH CEO Alan Hudson said: “These two acquisitions, our eleventh and twelfth purchase of IFA businesses during the year, confirm the continued high level of activity that we are seeing in the market.
“The latest acquisitions continue our strategy of providing a stable and well capitalised business within which successful IFAs can continue to provide their clients with professional advice and investment opportunities, both on a personal basis and in retirement.”
