Monday, 19 May 2014 09:36
AFH Financial buys eighth IFA firm since RDR
AFH Financial Group of Bromsgrove, West Midlands, has bought the assets of IFA Omega Consulting (Norwich) Ltd.
The acquisition is AFH's second this year and its eighth since the Retail Distribution Review was implemented in January 2013.
Omega is based in Norwich and has approximately £14m in funds under management and recurring income
of £39,000 per annum.
The director and owner of Omega has taken a decision to leave the industry and Omega's clients will be serviced by existing AFH advisers after the transaction is completed.
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The deal involves an initial cash payment of £28,500 followed by a further amount of upto £88,500 payable over a 26-month period following the acquisition depending on the performance of Omega during that period.
Alan Hudson, chief executive of AFH, said: "We welcome the existing clients of Omega and look forward to bringing them on board at a pivotal time for the company as we progress our move to AIM. "
The acquisition is AFH's second this year and its eighth since the Retail Distribution Review was implemented in January 2013.
Omega is based in Norwich and has approximately £14m in funds under management and recurring income
of £39,000 per annum.
The director and owner of Omega has taken a decision to leave the industry and Omega's clients will be serviced by existing AFH advisers after the transaction is completed.
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The deal involves an initial cash payment of £28,500 followed by a further amount of upto £88,500 payable over a 26-month period following the acquisition depending on the performance of Omega during that period.
Alan Hudson, chief executive of AFH, said: "We welcome the existing clients of Omega and look forward to bringing them on board at a pivotal time for the company as we progress our move to AIM. "
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