Acquisition increases wealth manager’s south west presence

Wealth manager AFH has bought another advisory business as it continues its busy year of acquisitions.

It has purchased Duchy Wealth Management, based in Truro, Cornwall, in a deal worth up to £630,000. Half has been paid up front, with the remainder being dependent on performance over the next two years.

AFH chief executive Alan Hudson believes the deal “enhances our position in the South West of England”.

He added: “This thirteenth purchase of an IFA businesses during the current financial year demonstrates the continued high level of activity that we are seeing in the market.”

Duchy will add approximately £60m of funds under management to AFH. Following the acquisition Simon Holdsworth will join AFH as an adviser.