Harwood Wealth buys IFA firm Fund Management for up to £1.1m

Deal adds £34m AUI

Harwood Wealth Management has made its second acquisition in the space of a week, buying Berkshire-based IFA business Fund Management for up to £1.13m in a deal that has been approved by the FCA.

The UK-based financial planning and discretionary wealth management business Fund Management, which is jointly owned by Ian and Diana Head and has assets under influence of £34m, would continue to operate as a standalone brand. Director Ian Head will remain at the firm as a financial adviser. According to Harwood Wealth, the initial cash consideration of £566,100 will be satisfied through the group's existing cash resources. Deferred consideration of £566,100 will then be payable in two tranches over the next 24 months, subject to performance criteria. Harwood non-executive chairman P...