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AIM-listed wealth firm buys Edinburgh adviser

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AIM-listed wealth firm buys Edinburgh adviser

AIM-listed wealth consolidator AFH Financial has acquired Edinburgh-based Finlay Gow & Company in a deal worth up to £675,000.

The move will boost AFH’s assets under advice by £40 million to £820 million and see Finlay Gow & Company’s two directors, Andrew Bandura and David Whigham, join the consolidator, growing adviser numbers to 127.

AFH will pay an initial £337,500 in cash, with a further possible £337,500 payable over the next two years depending on performance.

Finlay Gow & Company is the first Scottish company AFH has acquired, and its first deal since listing on AIM.

The consolidator joined AIM in June and earlier this month unveiled pre-tax profits of £540,000 for the six months ending 30 April 2014, a 50% rise on the same period last year.

Alan Hudson (pictured), chief executive of AFH, said: ‘This acquisition marks the significant and growing importance of the company's expansion strategy, increasing the firm's geographical presence across the UK.’

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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