AFH Financial Group, a UK independent financial advisor and discretionary wealth manager, has completed its second acquisition of the year with the purchase of Norwich-based IFA Omega Consulting.

AFH Financial Group, a UK independent financial advisor and discretionary wealth manager, has completed its second acquisition of the year with the purchase of Norwich-based IFA Omega Consulting.

The initial consideration is for £28,500 ($47,980) and may go up to a maximum of £88,500 over a 26-month period following the acquisition, based on the performance of Omega during that period.

Omega has £14 million of funds under management and recurring  income of  £39,000  per annum.

The director and owner of Omega has taken the decision to leave the industry and therefore Omega's clients will be serviced by existing AFH advisors after the transaction is completed, AFH said in a statement.

The deal is the eighth completed by AFH since the implementation of the Retail Distribution Revue, highlighting continued consolidation of the sector amid a changing regulatory landscape.  

Since the implementation of the RDR at the beginning of last year, it has become increasingly expensive for advisors to service their clients, which has resulted in the increased number of mergers and acquisitions in recent months.

Earlier this year, AFH completed the acquisition of Stoke-On-Trent-based SR Wealth Management and the firm is set to list its shares on the AIM market of the London Stock Exchange in the second quarter of 2014.