Wealth management and IFA firm AFH Financial Group has acquired two more adviser firms taking its total number of acquisitions to 12 since June 2011.
AFH acquired Redditch-based Seager Financial Consultancy on 1 December for a cash sum of £31,000. Founder Ian Seager has stepped down from his role as an IFA to join AFH’s business development team.
AFH has also acquired Racol Financial Services, which serves clients in Buckinghamshire, for a cash sum of £240,000. The company was acquired last week.
Founder of Racol Financial Ray Collingridge is retiring from the industry but his daughter will transfer to AFH and continue as an IFA.
AFH now has a total of 100 advisers.
AFH chairman and chief executive Alan Hudson says: “Today’s transactions continue our strategy of growing the business both organically and through select and opportune acquisitions. These deals demonstrate the ongoing opportunities stemming from the RDR and underline AFH’s commanding position in a highly fragmented sector.”
The company announced in August it had secured around £660,000 to fund potential acquisitions, and acquired Chartwell Associates IFA in a £480,000 deal in October. In June AFH bought Cheltenham-based IFA Specialist Solutions in a deal worth up to £725,000. Specialist Solutions was fined £35,000 by the FSA in April 2011 for promoting unregulated collective investment schemes without assessing suitability.
AFH also bought Arden Court Group in April in a deal worth up to £924,000.