AFH funds under management at record high
AFH Financial has taken its fund under management to past £900m with the acquisition of Cornwall-headquartered chartered financial planner Knight O'Byrne.
The transaction adds £51m of funds under management to the Bromsgrove firm with Diane Knight and Bridget O'Byrne joining as advisers.
AFH will pay a maximum of £1.2m for Knight O'Byrne, with an initial cash sum of £525,000, followed by up to £675,000 over the next 26 months in three tranches and dependent upon performance.
Knight O'Byrne is the company's fourth acquisition since listing on AIM in June (2014), and the second chartered financial planning firm purchased.
AFH chief executive Alan Hudson said: "AFH further cements its position as a leading UK IFA by selective acquisitions, including Knight O'Byrne. Creating yet another national footprint we welcome Diane and Bridget to the team at a time that sees our funds under management increase to a record high.
"Shareholders can expect continued strong news flow over the forthcoming period, and the company looks forward to providing the market with an update on trading in due course."