UK-listed WH Ireland has acquired assets from Pritchard Stockbrokers and its wholly-owned subsidiary, Prism Nominees, in a transaction which it says will boost its assets under management by a quarter.

The transaction was made for a cash consideration of up to £500,000 (about $800,800) plus VAT, and will expand the firm’s private client stockbroking clientele base by approximately 50 per cent, WH Ireland said in a statement. 

Non-cash AuM relating to the new clients - valued at around £400 million (around $639 million) - will transfer to WH Ireland Limited, WH Ireland’s wholly-owned subsidiary.

The firm said the acquired assets include a substantial portion of Pritchard’s 8,000-strong active client list, which generated a loss of about £6,000 (about $9,600) for Pritchard in the financial year ended 30 June 2011.

The total consideration payable to Pritchard involves a cash sum of £250,000 upon completion of the transaction and up to a further £250,000 - subject to the acquired assets being successfully transferred within an agreed timeframe and adjustments relating to costs incurred by WH Ireland Limited, on behalf of Pritchard.

“The transaction increases our regionally-based private client business and moves our nominee funds total forward,” said chief executive Paul Compton. “It provides an immediate resolution to what had become a worrisome situation for Pritchard clients.”

In other recent news, WH Ireland launched the UK EIS Growth Fund with an initial target of £10 million ($15.7 million) earlier this month.