Advice firm consolidator AFH has shelled out £7.7m on its 16th acquisition of the year, which will bring a further 2,500 clients to its business.
The group has announced its acquisition of Mainstone-based Core Financial Services.
The deal adds £230m to AFH’s funds under management and is the largest in its 27-year history and was secured last month.
Core chief executive Mark Sutton will join AFH along with nine advisers and support staff. The IFA has offices in London, Nottingham and along the south coast.
AFH chief executive Alan Hudson says: “It’s great to be celebrating our biggest deal since we started in 1990 and we’re not stopping here. This deal will significantly expand AFH’s position in the South East. I am pleased to welcome Mark and his team to AFH and I look forward to working with them to further the growth of AFH.”
AFH also recently announced plans to raise £15m to fund more acquisitions by offering new shares in the company.
The consolidator recently bought the client portfolios of the Colwyn Bay office from the administrators of collapsed DFM Beaufort Securities, and also acquired client bank of Salisbury-based firm Emery Little for a maximum price of £1.6m in September.
AFH is set to scrap platform fees for clients by the end of the year, after announcing in July that it was in a strong enough financial position to absorb the cost.
The Core acquisition takes AFH’s total FUM to £4.5bn.