Advice firm consolidator AFH Group has added the Colwyn Bay client book of defunct DFM Beaufort Securities in a deal to create a wealth division.
AFH Private Wealth will be led by Laurie Beevers, a former WHIreland chief executive, who headed the Colwyn Bay office of Beaufort.
He will join ex-WHI Birmingham director Richard Smith, who will operate from AFH’s Worcestershire headquarters, while Beevers and his colleagues will continue to work from their Wales office.
Beaufort collapsed after it was indicted for fraud in the US.
AFH experience
Smith said: “Having worked at AFH since 2015, I know how valuable the group’s in-house expertise is for clients. I’m sure that the new services we’ll be offering as AFH Private Wealth will add to AFH’s already attractive client proposition.”
Beevers, who brings the consolidator new specialisms in probate valuations and inheritance tax portfolios, added: “We’re really excited to be joining AFH for the launch of its new private wealth venture.
“Richard and I have decades of experience between us, and we’re really looking forward to putting that to work for AFH’s clients.
“I’m also excited to be introducing my clients to the AFH experience – I’m sure they’ll appreciate it.”
Staged payments
Commenting on the move, AFH chief executive Alan Hudson said: “This acquisition will strengthen AFH Private Wealth Limited, adding new clients, together with their significant portfolios.
“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.”
Under the terms of the acquisition, the group will pay £250,000 ($328,000, €279,000) to Beaufort’s administrators, funded from cash reserves.
Following an initial payment of £50,000 the balance will be paid on the achievement of certain milestones.
The Colwyn Bay offices serves 650 clients.
