Discretionary fund manager Harwood Wealth has acquired Network Direct in a deal worth up to £4m.
Network Direct is based in Wolverhampton with 107 advisers nationwide and assets under advice of around £1bn. The acquisition takes Harwood Wealth’s total assets under advice to around £3bn.
The deal is made up of an initial £1m cash sum, with up to £3m paid over the next five years based on assets under management.
The acquisition marks Harwood Wealth’s most significant deal to date, and is subject to FCA approval.
Harwood Wealth chairman Peter Mann says: “We are extremely pleased to be able to announce this key strategic acquisition.
“We anticipate the acquisition will enable us to further leverage our existing investment solutions to the benefit of Network Direct’s advisers and clients, and also that it will enable us to expand our reach across the UK where there is a growing market for the delivery of quality investment management and advice.”
He adds: “We welcome the Network Direct team and advisers to the group, and look forward to working with them to deliver fully integrated investment solutions to their clients.”