Harwood Wealth Management Group Acquires Fund Management Limited
Harwood Wealth Management Group (AIM: HW.), a leading UK-based financial planning and discretionary wealth management business, is pleased to announce the acquisition of Fund Management Limited ("FM") for £1.13 million. FM is an established Independent Financial Advisory firm based near Ascot, Berkshire, jointly owned by Ian and Diana Head. The Acquisition has been approved by the FCA.
The Acquisition enhances the Group's already established and growing presence in Berkshire and surrounding counties. FM will continue to operate as a standalone brand and will benefit from the Group's processes, technology and investment strategies. Ian Head, director of FM, will remain as a financial adviser.
FM has Assets Under Influence of £34 million.
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.
Peter Mann, Non-executive Chairman of Harwood Wealth Management Group, 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, and in particular, Ian and Diana and FM's valued client base, to the Group as we further bolster our presence in the South East. I am confident that they will all experience the benefit of our best in class processes, technology and investment strategies in the very near future."