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Consolidator AFH buys client bank from collapsed DFM’s administrators

People in front of a bright keyhole openingAFH has bought the client portfolios of the Colwyn Bay office from the administrators of collapsed DFM Beaufort Securities.

AFH is paying £250,000 for the client portfolios and the deal will add £130m in funds under management to the consolidator.

As a result of the deal, Laurie Beevers and Andrew Jones will join AFH Private Wealth and advise their clients from the Colwyn Bay office.

The portfolios were bought from the administrators of Beaufort Asset Clearing Services and Beaufort Securities.

AFH chief executive Alan Hudson says: “I am pleased that 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.”

In March, the FCA applied to the High Court to place Beaufort Securities and Beaufort Asset Clearing Services into insolvency after assessing the firms’ finances.

In an April update, the FSCS said 2,700 Beaufort clients with claims of less than £2,000 will be compensated in full without having to submit an application form and the compensation should be returned the following month.

However, at that time the regulator said the the majority of money would be returned to other investors in September at the earliest.

Yesterday, AFH announced it had bought the client bank of Salisbury-based firm Emery Little for a maximum price of £1.6m.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. We’ve have paid far more than that – sounds like a poor deal for the Administrator.

  2. £250k for £130m client bank?
    £130m at .5% per annum works out at £650k.
    How can I get myself one of these business deals…

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