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AFH Financial acquires wealth manager for £250K

Adviser and discretionary fund manager AFH Financial Group has acquired Michael Mac Wealth Management in a deal worth £250,431.

The deal includes an initial cash payment of £58,851 followed by further cash payments up £191,580 based on the company’s performance in the two years following completion of the deal.

Warwickshire-based Michael Mac currently has around £8.35m in funds under management, with approximately 750 clients on its books. In its last financial year, Michael Mac had recurring revenues of £83,477.

This is the nineteenth acquisition made by AFH since listing on the ISDX in 2011, and the sixth since the RDR.

AFH Financial chairman and chief executive Alan Hudson says: “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 where they will immediately benefit from the breadth of the services we provide.”

Last month AFH bought Herefordshire-based IFA Robert Magee & Associates in a £486,000 deal and Welsh adviser firm AG Financial Planning for around £422,000.

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