Adviser and discretionary fund manager AFH Financial Group has acquired SR Wealth Management in a deal worth £199,500.
Staffordshire-based SR Wealth Management has around £10.2m in funds under management and in the last financial year had recurring income of £63,000.
Its owner Martin Bradshaw is to leave the firm on completion of the deal and its clients will in future be serviced by existing AFH Financial advisers.
The deal consists of an initial cash payment of £94,500, followed by a further payment of £105,000 over the 26-month period following the acquisition, depending on the performance of SR Wealth Management.
AFH Financial chairman and chief executive Alan Hudson says: “As expected, RDR continues to drive consolidation within the industry; we remain committed to capitalising on this opportunity by making well-timed, select investments that complement our dynamic business.
“We welcome the clients of SR Wealth Management and look forward to providing them with the high quality service consistently delivered by our professional team of advisers.”
The acquisition is the twentieth made by AFH Financial since listing on the ISDX in 2011, and the seventh since the RDR.
Last month the firm acquired Warwickshire-based Michael Mac Wealth Management in a deal worth £250,431.