LONDON (Alliance News) - AFH Financial Group PLC Monday said it has acquired the assets of Rochester-based CIB Wealth Management LLP for up to GBP973,350, in a move that develops the company's presence in the south east of England.
In a statement, the investment management firm said it paid GBP453,600 in cash on completion of the deal on Friday, as well as 31,500 shares at 150 pence per share, to CIB owner Jonathan Dalby, who has joined AFH along with CIB's five financial advisers.
Subject to performance, the remainder is to be paid over the next 26 months in two tranches.
AFH shares were flat at 150.00 pence on Monday.
"The CIB transaction represents our eighth acquisition since listing on AIM in June 2014 and adds over GBP40 million of funds under management to the group," Alan Hudson, chief executive, said in a statement.
"Importantly, it also provides CIB advisers the opportunity to develop their own client bases with the support and infrastructure of a larger business and to build a future capital value through AFH's in-house adviser practice buy-out scheme," Hudson added.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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