UK-based AFH Financial Group has acquired an IFA firm for £3.2m in the third deal announced by the wealth manager in as many weeks.
Broadleaf Financial Sevices, also based in England, will be bought for £3.2m in what is the latest in a line of similar acquistions by AFH. Broadleaf will bring £140m of AuM to AFH Financial Group.
Earlier this month AFH announced the acquisitions of Mulbury Independent Financial Advisers and AE Garment. Together the two firms bring £215m of assets to the group.
Alan Hudson, chief executive of AFH, said: "The acquisition has been completed on a similar attractive multiple to previous transactions and extends the AFH footprint in the North West of the UK.
"As previously reported, in this period of economic and political uncertainty we remain focused on driving the organic growth of our business by providing professional and cost-effective services to our clients and, in-turn, enhancing profitability."
Hudson added: "The company remains well capitalised to take advantage of the previously identified acquisition opportunities and to continue its record of delivering profitable growth and enhanced shareholder value."