Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Harwood buy takes assets to near £4bn

Harwood buy takes assets to near £4bn

Harwood has purchased Southampton wealth manager and planner AE Financial Services for £4.6 million, adding client assets under influence of £130 million.

The purchase, described by the company as its ‘most significant acquisition to date’, brings Harwood’s total assets to almost £4 billion.

One of AE Financial’s two owners, director David Hayward, will stay with the business, which last year generated revenue of £1.3 million and profits of £500,000. The payment will be structured in two tranches with the second contingent on targets, plus another £1.5 million for ‘cash balances’.

Harwood chair Peter Mann (pictured) said: ‘AE Financial is a strong addition to the group and we look forward to welcoming both the team and clients to Harwood Wealth.

‘As well as further augmenting our presence in a key area of the UK, this acquisition continues to build upon our successful model of acquiring IFA firms who share our values and culture.

‘We look forward to continuing to deliver on our strategy, driving growth organically and through further M&A in the period ahead.’

The business has purchased three companies in the last six months, and a total of seven last year. It acquired Finance For Life for a total consideration of £900,000 in November, of which £500,000 was paid upon completion. 

Later that month, the firm said it also agreed to buy Peter John Vickery's financial advice business. The transaction completed on 12 December following an initial payment of £100,000.

The company’s third acquisition, the purchase of Anthony Harding & Partners, was completed on 10 January for a total consideration of £1.1 million, of which £600,000 was paid upfront.

Hayward added: ‘We are very pleased to be joining such a well-respected and successful group.

‘I am confident that Harwood will be a perfect fit for our team and allow us to develop the business and continue to provide high quality and dedicated advisory services to our clients. We very much look forward to joining the team.’

 

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Play Boutique tapes: are top managers better off at small firms?

Boutique tapes: are top managers better off at small firms?

In episode three of our series, boutique bosses discuss whether the best fund managers are more likely to thrive at smaller firms.

Play Boutique tapes: if you want a Ferrari, you have to pay for it

Boutique tapes: if you want a Ferrari, you have to pay for it

In the second part of our four-part series, boutique bosses are asked how they can justify the fees charged by active managers.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter