(ShareCast News) - Shares in investment management firm AFH Financial Group rose on the news it had purchased a Devon based independent financial adviser.AIM listed AFH rose by 4.11% to 152p at 1026 BST after it said it had bought Davidsons Financial Management in a deal worth up to £2.856m.DFM was the financial planning division of Davison's Chartered Accountants, which is not part of the deal but would continue to act as an introducer.Under the deal AFH paid £1.071m in cash and issued 71,915 shares at a price of 146p.AFH would also pay deferred consideration of up to £1.68m, of which no more than £945,000 would be paid in cash, with the balance in shares.The acquisition of DFM is the thirteenth acquisition by AFH since the company listed on AIM in June 2014.