AFH website
A deal worth £250,000 has been struck for AFH Financial Group to acquire Michael Mac Wealth Management.
Stratford-Upon-Avon based wealth manager Michael Mac, which has about £8.35 million of funds under management, becomes AFH's nineteenth acquisition since listing on the ICAP Securities & Derivatives Exchange (ISDX) in June 2011.
The buyer will initially hand over £58,851 in cash from its reserves.
An extra £191,580 could follow, depending on the performance of Michael Mac, in the two years after completion.
In its most recently completed financial year, Michael Mac had recurring revenues of £83,477.
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The owner and vendor of Michael Mac is leaving the industry and Michael Mac's 750 clients will be transferred to advisers at AFH following the acquisition – which is the sixth it has made since the Retail Distribution Review was implemented on 1 January.
Alan Hudson, chairman and chief executive of AFH, said: "The first quarter of this financial year has started well with high activity at the company.
"I am pleased to welcome Michael Mac's clients to AFH Financial Group where they will immediately benefit from the breadth and quality of the services that we provide."
