Two adviser firms have been bought by a wealth manager for more than a combined £1m.

AFH has acquired Aberdeenshire-based Aberdeen Wealth Management and Devon-based Shield Direct.

Mike Murray will join AFH as an adviser based in Aberdeen. Other sellers will retire and their clients will be serviced by existing AFH advisers.

The deals are worth maximums of £556,500 for Aberdeen and £520,000 for Shield.

The acquisitions are AFH's second and third corporate transactions of the current financial year and will add approximately £44m to group Funds under Management.

Alan Hudson, chief executive of AFH, said: "The acquisition of Aberdeen will strengthen our position in Scotland and I look forward to working with Mike to continue the development of AFH. The acquisition of Shield will bring a number of high quality clients spread across the South West and West Midlands.

"The acquisition of the assets of Aberdeen and Shield follows the recently reported acquisition of the assets of David Rushton and demonstrates the increasing level of activity that we are seeing in the market."

"The company continues to seek high quality businesses of all sizes that will embrace the AFH culture of providing exceptional value to our growing client base while providing attractive returns to our shareholders."