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BlackRock takes £5m stake in wealth manager

BlackRock has taken a £5m stake in AFH Wealth Management, following similar moves from rival fund managers.

In a market update, the world’s largest asset manager said it acquired 1.9 million shares in the consolidator firm, resulting in a 5 per cent stake.

AFH’s market capitalisation is currently around £100m and has £2.7bn funds under management. The move will allow AFH advisers to plug into BlackRock’s funds universe.

Rival asset manager Slater Investments already holds a 7.5 per cent share in AFH, as does River and Mercantile UK with 4 per cent and Polar Capital with 3.6 per cent.

AFH chief executive Alan Hudson says: “We see the continuing support of BlackRock and other institutional investors as a vote of confidence in the group and our strategy of combining very healthy organic growth with selective acquisitions of businesses that share our client-first vision.

“It’s a strategy that gives us better purchasing power and allows us to attract top talent to our adviser team, as well as expanding our in-house expertise and support for advisers and clients.”

In June, BlackRock poured €30m (£26m) into digital wealth manager Scalable Capital, which now has total funding reaching total funding to €41m.

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