LONDON (Alliance News) - Wealth management firm AFH Financial Group PLC said Monday it acquired the client portfolio of Emery Little Financial Services LLP for up to GBP1.6 million.
AFH will acquire the portfolio of the Salisbury, Wiltshire-based firm for an initial GBP870,000 in cash. A further deferred consideration will be paid in cash over the next 26 months subject to unspecified performance criteria. The maximum purchase price will be GBP1.6 million.
As part of the deal - which will be funded using existing resources - Derek Gibbens will join AFH as an advisor and continue working with clients. Brian Little, however, will retire with clients being serviced by AFH.
"Our fourteenth acquisition of the financial year is the client portfolio of an established IFA business in Wiltshire," AFH Chief Executive Officer Alan Hudson said. "I wish Brian well in his retirement and am pleased to welcome Derek to AFH. I look forward to further developing the company's presence in the South and providing Emery's existing clients with the advantages of the AFH proposition."
Shares in AFH were 0.3% lower at 404.00 pence on Monday.
