AFH Financial has acquired the assets of Rochester-based CIB Wealth Management for about £1m. The move follows the buy outs of two advice firms for nearly £1m at the end of January and the takeover of K L Plester Financial Services Holdings, based in Kidderminster, for £1.7m last month.
CIB's 5 financial advisers, including the principal of the business, Jonathan Dalby, have joined AFH.
CIB was formed in 2010 by Jonathan and Nicola Dalby and has some £41 million of funds under management.
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An initial payment of £453,600 will be made as part of the agreement which could rise to a maximum of £973,350 dependent upon the performance of CIB over the next two years.
Alan Hudson, chief executive of AFH, said: "The acquisition of CIB represents an excellent opportunity for AFH to develop our presence in the South East of England.
"The CIB transaction represents our eighth acquisition since listing on AIM in June 2014 and adds over £40 million of funds under management to the group.
"Importantly, it also provides CIB advisers the opportunity to develop their own client bases with the support and infrastructure of a larger business and to build a future capital value through AFH's in-house adviser practice buy-out scheme. I am particularly pleased to welcome Jonathan as an AFH shareholder and I am looking forward to working with both him and his team in the years to come."