IFAApr 30 2018

Harwood pays £1.13m for Ascot-based IFA

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Harwood pays £1.13m for Ascot-based IFA

Harwood Wealth Management has acquired IFA-firm Fund Management (FM) in a £1.13m deal.

Harwood, which is a UK-based financial planning discretionary wealth management business, announced the deal today (Monday).

The move means FM, which is an IFA based near Ascot, Berkshire, will continue to operate as a standalone brand but will benefit from the group's processes, technology and investment strategies.

Peter Mann, non-executive chairman of Harwood Wealth Management Group, said the acquisition, which has been approved by the FCA, enhances its growing presence in Berkshire and surrounding counties.

He said: "It is pleasing to be able to announce another meaningful acquisition by the group so soon after we announced the acquisition of the assets from Plan 65 Limited.

"As we reported at the time of our final results earlier in the year, we are making strong progress both organically and through our long-established strategy of making good quality acquisitions and, if anything, the current market dynamics are only likely to improve in this respect.

"We are delighted to be welcoming FM, as we further bolster our presence in the south east."

FM has assets under influence of £34m, and the initial cash consideration of £566,100 will be satisfied through the group's existing cash resources.

The deferred consideration of £566,100 will be payable in two tranches over the next 24 months, subject to performance criteria of FM being achieved.

FM was jointly owned by Ian and Diana Head and Mr Head, who is  director of FM, will remain as a financial adviser.

aamina.zafar@ft.com