Harwood Wealth Management has acquired Fund Management, a Berkshire-based independent financial advisory firm, for £1.13m.
Fund Management, which manages £34m in assets, will remain a standalone brand.
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Ian Head, who jointly owns Fund Management with Diana Head, will remain at the firm in the role of a financial adviser.
Harwood will initially pay £566,100 in cash as deal consideration from its existing cash resources. This will be followed by a further £566,100 payable in two instalments over the next 24 months based on performance criteria.
The deal already secured the go-ahead from UK’s Financial Conduct Authority (FCA).
Harwood non-executive chairman Peter Mann said: “As we reported at the time of our final results earlier in the year, we are making strong progress both organically and through our long-established strategy of making good quality acquisitions and, if anything, the current market dynamics are only likely to improve in this respect.
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By GlobalData“We are delighted to be welcoming FM, and in particular, Ian and Diana and FM’s valued client base, to the Group as we further bolster our presence in the South East.”
The latest deal comes close on the heels of Harwood’s acquisition of retirement solutions firm Plan65.
