Wealth manager AFH Financial has bought Bay Financial Management, an IFA firm based in Honiton, Devon, in a deal that adds approximately £73m to AFH's funds under management and could ultimately be worth up to £1.4m, depending on performance.
According to AFH, an initial payment of £595,000 was made from its existing cash resources as the deal completed. Further deferred consideration of up to £805,000 will be payable over the next 24 months...
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