AFH adds £50m in funds with Cornish acquisition

FAST growing independent financial adviser AFH has moved a step closer to the £1bn in funds under management mark with the acquisition of Cornwall-based Knight O’Byrne.

The £1.2m acquisition will add £51m of funds under management, taking Bromsgrove-based AFH’s total funds under management above the £900m mark. Diane Knight and Bridget O’Byrne will join AFH as advisers.

The deal involves an initial cash payment upon completion of £525,000, followed by a further cash consideration of up to £675,000, payable over the next 26 months in three tranches and dependent upon performance criteria of Knight O’Byrne over the next two years. 

Knight O’Byrne is AFH’s fourth acquisition since it listed on AIM in June and is the second chartered financial planning firm the company has acquired since listing, following the acquisition of the assets of Finlay Gow & Company in July.
 
Today’s news follows the acquisition of Hindsight Financial Services in September.
 
Alan Hudson, chief executive of AFH, 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.”