LONDON (Alliance News) - Harwood Wealth Management Group PLC said Monday it acquired independent financial advisor firm Fund Management Ltd in a GBP1.1 million deal.
Harwood will pay an initial GBP566,100 in cash with an additional deferred consideration of the same amount to be payable in two tranches over the next two years. The deferred payment is contingent on performance criteria being achieved by Fund Management.
Fund Management - based in Ascot, Berkshire - has GBP34.0 million in asset under influence and is currently jointly owned by Ian and Diana Head. Ian Head will remain on as a financial advisor and the company will continue to operate as a standalone firm.
The deal will enhance its position in Berkshire.
Shares in Harwood were untraded at 150.00 pence in London on Monday.
