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AFH Financial said it had acquired Mulberry Independent Financial Advisers and AE Garment Independent Financial Services for up to £7.2m, bolstering the company's funds under management.
The two deals would bring a combined £215m of funds under management, raising AFH's total FUM above £5.6bn.
Under the terms of the acquisition, the company agreed to pay up to £5.3m for Mulberry Independent Financial Advisers maximum, and up to £1.9m for AE Garment Independent Financial Services, dependent on the performances of Mulberry and AE Garment Independent Financial Services during the earn out period.
'The company continues to enjoy strong organic inflows of funds from existing and new clients with low redemptions. During the current year double digit gross inflows continue to be achieved whilst outflows, including pension drawdowns, remain below 2%,' said AFH Financial.
At 10:06am: (LON:AFHP) AFH Financial Group Plc share price was +19p at 295p