Fund Management, which is based in Ascot on the western outskirts of London, has £34m in assets under management and is jointly owned by Ian and Diana Head.
According to AIM-listed Harwood WM, the Fund Management deal is structured through a £566,100 payment followed by a further £566,100 payable in two instalments over the next two years.
Peter Mann, non-executive chairman of Harwood, said the Fund Management acquisition continues the company’s plan of driving its growth both organically and through acquisitions.
The deal, which has been approved by the Financial Conduct Authority (FCA), follows Harwood WM acquiring Plan65 on 23 April for £1.56m.
Further, in March the firm purchased Southampton-based AE Financial Services for £4.6m.
In August 2016, the firm also acquired Wolverhampton-based Network Direct and saw assets under influence increase 81% to £3.8bn for the financial year ending 31 October 2017, up from £2.1bn the previous year.
