Arc Fund Management Holdings has announced the acquisition of Independent Investment Associates, for a consideration amounting to GBP2.1 million.
According to the agreement, GBP1.1 million is being payable in cash and GBP1 million in shares, together with deferred consideration, payable subject to the achievement of certain performance targets by GBP1.1 million (IIA), amounting to a maximum of GBP200,000.
The transaction is earnings enhancing for Arc and represents a further step in the development of the Group’s wealth management division. As a result of the transaction Arc will have GBP410m of funds under management/advice.
John Gracey, finance director of Arc, said: This acquisition is another step forward in the growth of Arc’s wealth management division which was established through the acquisition of Throgmorton Asset Management in the last quarter of 2007. It is our intention to increase our coverage of the UK during 2008 through further acquisitions.