UK wealth manager AFH Group has bought the client portfolios of HTH (Group) and its subsidiaries Thomas Heald and Thomas Heald Solutions in a deal worth up to £5.1m.
The acquisition takes AFH’s funds under management to more than £3.5bn ($4.5bn, €3.87bn).
It is also one of the firm’s biggest acquisitions to date and means the group now has more than 180 advisers covering the entire UK.
Following an initial cash payment of £2.3m, a further £2.8m could be paid over the next 26 months provided the business meets certain performance criteria.
AFH chief executive Alan Hudson commented: “This is a very significant deal for AFH, both in terms of strengthening our presence in an important part of the country and the growth of our adviser force.
“It’s also another step on our way to achieving our target of £5bn funds under management.”
‘A great deal for our clients’
Founded in 2009, HTH has more than 1,100 clients across Yorkshire and the East Midlands.
A team of 26 financial and mortgage advisers have subsequently joined AFH, among them are principals Nick Thomas, Chris Holland and Nick Heald.
Thomas said: “This is a great deal for our clients, who will receive the same service, delivered by the same advises and staff, but with the added advantage of AFH’s back-office support and investment expertise.
“We’ve been approached many times by people looking to buy Thomas Heald, but we’ve never met anyone who we felt comfortable doing business with. To us, our client proposition is of paramount importance, and with AFH we’ve found people who see things the same way.
“Reducing – and now scrapping – platform fees, making investing more accessible, always looking to improve the outcomes for our clients: AFH and we are a great fit.”
AFH Group has now made 11 acquisitions since October 2017.