Advice firm AFH Financial has acquired Herefordshire-based IFA Robert Magee & Associates in a deal worth up to £486,000.
The deal will see AFH take on 550 clients with funds worth £27m. It will pay £204,000 initially for the IFA, followed by further payments up to £282,000 based on the company’s performance over the next 26 months.
AFH chairman and chief executive Alan Hudson says: “I am pleased to report this further enhancement of our client base and the funds that we manage. Robert Magee’s clients will now be advised by AFH’s advisers.”
AFH will not take on any staff following the acquisition and Robert Magee & Associates owner Robert Magee is leaving the industry.
It is the 18th acquisition AFH has made since listing on the ISDX stock exchange in June 2011 and the 5th since the retail distribution review reforms came into force at the end of 2012.