Wealth manager makes seventh acquisition of the year

Acquisitive wealth management firm AFH has made its latest purchase, buying a Canary Wharf business in a deal worth up to £5.6m.

It is paying £2.25m up front for Parker Sage Independent Financial Advisers, which will see Jon Cliston, Andrew Smith, Tony Goody join the AFH Group. One-sixth of the initial payment is in AFH shares.

Further cash payments of up to £3.35m will be made in two tranches over the next two years, dependent on performance.

Alan Hudson, chief executive of AFH, said: “The acquisition of Parker Sage is our seventh IFA acquisition this year and will be integrated in line with our established model to enhance shareholder value during the current financial year.

“Parker Sage’s directors are very successful advisers who share both our values and vision for the future of the sector.”