Fast growing Financial Planning-focused wealth manager AFH has acquired Herts-based AE Garment Independent Financial Services Limited in a £1.7m deal.

The acquisition is AFH’s 5th takeover of 2019 so far.

AE Garment works with a number of HNW clients including business owners and entrepreneurs involved in the sports, media and entertainment sectors.

Current company director Tony Garment will retire after the deal is complete and his 200 clients will move to AFH.

AFH has paid an initial cash sum of £880,000 to buy AE Garment with a further two payments worth up to £880,000 over the following 26 months depending on performance targets being met. 

Chartered Financial Planner Alan Hudson, chief executive of AFH, said: “Our fifth acquisition of the year strengthens our position in the home counties and underlines our commitment to growth. At the same time, we are helping retiring independent financial advisers to find the right home for their clients.

"I wish Tony all the best for a long and happy retirement. He can certainly rest assured his clients will be well looked after by the team at AFH.”

Tony Garment said: “After 28 years in the Financial Planning industry it’s time for me to take some down time and turn my attention to new interests. AFH is absolutely the right fit for our clients and I have the upmost confidence they will do an excellent job in the years to come.”

AFH Wealth Management has more than 200 independent financial advisers across the UK working from 12 offices nationwide. It has more than £5.4 billion in assets under management.