AFH Group has completed its acquisition of the client portfolios of Sussex-based financial planners Harvey Curtis, its tenth acquisition in the past 12 months.
Under the terms of the agreement, the maximum purchase price will be £2.63m ($3.4m, €2.9m).
The initial consideration of £1.22m in cash will be funded from AFH’s existing resources, with the remaining balance paid over the following 26 months, subject to Harvey Curtis meeting certain performance requirements.
Big in the south-east
According to its website, Harvey Curtis was set up in 2000 and manages around £80m on behalf of businesses and individuals.
It has more than 1,300 clients across the south-east and London.
Following the acquisition, co-founders Nigel Poole and David Clark, along with their support staff, will join AFH and continue to work with their existing clients.
Explaining the decision to sell, Poole said: “With the departure of the banks, it’s become increasingly difficult to find young advisers, and with the ever-increasing regulation we felt we needed new blood to be able to continue to offer the best service to our clients.
“We met Alan and saw we had the same ethos of putting clients front and centre, so it made sense to join forces. Now our clients get the benefit of the incredible support the AFH back-office teams provide, and we can devote ourselves 100% to working with our clients to deliver what they want and need.”
Added to the roster
AFH Group chief executive Alan Hudson said: “Out tenth acquisition of the financial year is the client portfolio of an established IFA business in West Sussex.
“I am pleased to welcome Nigel and David, together with their team, to AFH and look forward to further developing the company’s presence in the south-east.”
Below is a list of the acquisitions AFH has announced over the past year, along with the maximum price the firm will pay.
Acquisition are not the only reason AFH has recently made headlines.
In early August, Hudson announced the firm would be absorbing fees for new clients and blasted platforms as “dead weight”.
