Manx Financial Group said subsidiary Edgewater Associates Ltd (EWA) has entered into an agreement to acquire the majority of the Idle of Man's IFA business held by Knox Financial Services Ltd (KFSL).
KFSL is a a subsidiary of the Knox Group of Companies.
The initial acquisition includes approximately 4,000 clients together with 6 members of staff, generating an anticipated annual renewal income of up to £0.3 million.
In tandem, both parties will enter into an Option agreement, exercisable within three months from the transaction date, for EWA to acquire the remainder of the vendor's IFA business which includes approximately 150 clients generating an anticipated additional renewal income of up to £0.1 million.
Both acquisitions have received regulatory approval.