Adviser consolidator makes eighth acquisition in nine months

Adviser firm consolidator AFH Financial Group has acquired the assets of CIB Wealth Management, including its five advisers and principal, in a deal worth up to £973,000.

The acquisition of the Rochester-based business, which will add more than £40m in funds under management to the group, will involve payment of as many as three cash tranches over the next 26 months, plus the issue of new ordinary shares of AFH to CIB owner Jonathan Dalby. The initial consideration included a cash payment of £453,600 plus the issue of 31,500 shares of 10p each to Dalby at a price of 150p per share. Further payments of up to £472,500 will be payable over the next 26 months in two tranches and dependent upon performance criteria of CIB. AFH chief executive Alan Hudson sa...