25th Sep 2018 13:11
LONDON (Alliance News) - AFH Financial Group PLC announced it has bought the client portfolios of Beaufort Securities Ltd and Beaufort Asset Clearing Services Ltd from administrators.
The client portfolios are from Beaufort's Colwyn Bay office, and have cost AFH GBP250,000 in cash adding GBP130 million in funds under management.
The deal will see Laurie Beevers and Andrew Jones join AFH Private Wealth Ltd and continue advise the Colwyn Bay office's clients.
AFH Chief Executive Alan Hudson said: "This acquisition will strengthen AFH Private Wealth Limited, adding new clients, together with their significant portfolios, and bringing the experience of Laurie and Andrew to the company.
"I am pleased this transaction will provide the clients of Beaufort's Colwyn Bay office with greater security for the future and access to the AFH Group proposition."
AFH shares were 0.1% lower Tuesday at 401.50 pence each.
Beaufort, which acted as the broker for numerous London-listed companies, entered insolvency in March.
On Monday, AFH announced another client portfolio acquisition - that of Salisbury-based Emery Little Financial Services Ltd for GBP1.6 million.
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