AFH Financial Group has acquired Herefordshire-based IFA Robert Magee & Associates in a deal worth £486,000.
Robert Magee manages about £27m worth of assets on behalf of some 550 clients and, in its most recent full-year results, reported recurring revenues of about £136,000.
The acquisition, AFH's 18th since June 2011, will involve an initial cash payment of £204,000 from its existing resources, followed by a further cash consideration of up to £282,000, depending on the performance of Robert Magee in the 26 months following completion.
Alan Hudson, chairman and chief executive of AFH, said: "I am pleased to report this further enhancement of our client base and the funds that we manage.
"Robert Magee's clients will now be advised by AFH's advisers and will have immediate access to the comprehensive financial planning services that AFH provides."
Robert Magee, vendor of the business, is leaving the company.
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