Listed wealth firm sweeps for IFA assets

FINANCIAL planning and wealth management firm AFH has bought the assets of a Lancashire-based IFA.

David Rushden Associates has been bought for £298,125, representing 1.8% of the Funds under Management.

An initial cash consideration of £157,500 has been paid with deferred consideration of up to £140,625 payable in cash over the next 26 months, dependent upon performance criteria of the assets acquired from David Rushden.

David Rushden will add approximately £16.5m to AFH’s funds under management.

Following the acquisition David Rushden, the vendor, will join AFH.

Alan Hudson, chief executive of Worcestershire-based AFH, said: “This acquisition will strengthen our position in the North West and I look forward to working with David to continue the development of AFH in the region.

“The acquisition of the assets of David Rushden follows the strategy restated in our recent trading update of making selective acquisitions to develop our expansion nationally and leverage our central investment and support functions.

“The Company continues to seek high quality businesses of all sizes that will embrace the AFH culture of providing exceptional value to our growing client base while providing attractive returns to our shareholders.”