Harwood Wealth Management Group (HWMG), a UK-based discretionary fund manager, has agreed to acquire Wolverhampton-based advice network Network Direct Limited (NDL).
HWMG will pay £4m for the acquisition, of which £1m will be paid upon the completion of the deal. The balance amount will be paid based on the performance of NDL over the next five years.
After the deal completion, HWMG’s assets under influence are expected to reach £3bn.
NDL has a network of 107 advisors spread across England, Wales, Scotland and Northern Ireland, with assets under influence of £1bn.
The firm has Willian Wynn, Jenifer Schwartz, Brian Raymond, Richard Simon and Leslie Dennis Lee as principal shareholders, and several other minority shareholders.
HWMG chairman Peter Mann said: "We anticipate that the Acquisition will enable us to further leverage our existing investment solutions to the benefit of NDL's advisers and clients, and also that it will enable us to expand our reach across the UK where there is a growing market for the delivery of quality investment management and advice.
“We welcome the NDL team and advisers to the group, and look forward to working with them to deliver fully integrated investment solutions to their clients."