AFH Financial’s funds under management have exceeded £1bn, signalling growth of £100m since a trading update in November which revealed funds were around £900m.
Over the past 12 months, the company has completed seven acquisitions which have brought in an estimated £135m funds under management and in excess of £700,000 of recurring income, the firm said in a statement.
Since the company listed on Aim in June 2014, in excess of £100m of funds under management have been added through the acquisitions of Knight O’Byrne, Finlay Gow and Company and Hindsight Financial Services. The total adviser count now stands at 137.
Last month, the listed IFA said it had received applications from investors for approximately £1.9m of unsecured loan notes and that this would grow through applications from self-invested personal pensions in January, as it seeks further funds for additional buyouts.
At the start of December the firm launched a fundraising initiative by issuing a fresh round of up to £3m unsecured loan notes. In November, the consolidator said it plans to expand its national presence next year by acquiring firms in London and the south-east.
At the time the board said that during recent months it had spotted an increase in the size and rate of IFA companies becoming available for purchase and that it expects this trend to continue throughout next year.
Alan Hudson, AFH chief executive, said: “We remain well positioned to take advantage of IFA market consolidation and, at the start of 2015, the company’s acquisition pipeline is strong and focused on both small and larger IFAs looking to benefit from being part of a wider listed group.
“AFH remains well funded to pursue opportunities, particularly following the successful first closing of the loan note issue as previously announced, and we look forward to keeping shareholders updated.”
donia.o’loughlin@ft.com
