(Sharecast News) - Wealth and asset manager Mattioli Woods announced on Thursday that its subsidiary Ludlow Wealth Management has acquired the trade and assets of Ferguson Financial Management for an initial £0.6m.
The AIM-traded firm said the deal included potential further consideration of up to £0.6m, dependent on achieving specific performance targets in the year after completion.
It said Ferguson provides financial planning and wealth management services to more than 200 private client families, with about £80m of assets under advice.
Ferguson is based in Glasgow, and as part of the deal an "experienced employee" would join Mattioli Woods and operate from the group's existing Glasgow office.
In the year ended 31 October, Ferguson generated revenue of £0.34m with a profit before tax of £0.16m.
As at 31 October, Ferguson's gross assets totalled £0.19m, and net assets were £0.19m.
"We are pleased to complete Ludlow's first acquisition since joining the group," said group managing director Michael Wright.
"We continue to work closely with Ludlow's experienced team as we pursue other transactions of a similar nature to further expand our growing wealth management presence in the north of England and Scotland."
At 1043 BST, shares in Mattioli Woods were up 1.38% at 735p.
Reporting by Josh White at Sharecast.com.
Mattioli Woods (MTW)