Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Wealth firm raises £1.6m to fuel acquisition spree

Wealth firm raises £1.6m to fuel acquisition spree

AFH Financial has raised £1.6 million to fund acquisitions.

The financial advisory and discretionary wealth firm told the market it had received commitments to subscribe for a total 1,157,854 shares of 10p in the company at a price of 140p per share.  

'The proceeds of the Subscription, amounting to GBP 1.62 million (before expenses), will be used to provide additional working capital for the company and to finance potential future acquisitions,' the company said in its statement.

In February Bromsgrove-based AFH said it would be moving from the ISDX Growth Market to the AIM market on the view the latter will provide the firm with better growth opportunities.

At the time chief executive Alan Hudson (pictured) said: 'We believe that given the fundamentals of the business and the nature of  the  IFA market, the time has come for a move to AIM.  

‘The increased profile will assist the company in its aim to expand through strategic acquisitions and organic growth.'

AFH employs more than a 100 wealth advisers and provides an discretionary investment management service controlled by a team of 20 investment managers.

In January the firm acquired Stoke-on-Trent-based SR Wealth Management for around £200,000, its 20th acquisition since it listed on the ISDX in 2011.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Hugh Yarrow: Why the equity income sector needs fixing

Hugh Yarrow: Why the equity income sector needs fixing

Hugh Yarrow's Evenlode Income fund was recently removed from the Investment Association's UK Equity Income sector.

Play GAM charity football tournament: the live draw

GAM charity football tournament: the live draw

Former Chelsea and England footballer Graeme Le Saux visits Citywire to make the draw for the tournament, where all proceeds going to Wheels for Wellbeing.

Play FIFA, Panama Papers…and what everyone’s getting wrong

FIFA, Panama Papers…and what everyone’s getting wrong

VIDEO: Investigative reporter Jeffrey Robinson reveals how major corruption scandals are being mishandled and what to expect next.

Your Business: Cover Star Club

Profile: JPM Wealth MD on breaking the glass ceiling

Profile: JPM Wealth MD on breaking the glass ceiling

During her tenure at JP Morgan, the private bank has changed the way it segments clients in a bid to improve focus

Wealth Manager on Twitter