CompaniesOct 1 2012

AFH buys Chartwell Associates in south east expansion

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ByMichael Trudeau

Discretionary wealth manager and IFA firm AFH Financial Group has acquired Surrey-based adviser firm Chartwell Associates for a maximum consideration of £480,000 in cash.

AFH will take over Chartwell’s Egham office and its team of six advisers will continue to operate there.

With this acquisition AFH opens its first location outside Bromsgrove, and aims to extend its cover of the south east of England.

Founded in 2001, Chartwell has an active client bank of about 1,200 and approximately £32m of funds under influence.

This is AFH’s tenth acquisition since its initial public offering last year, and brings its total number of advisers to 97.

Last month (13 September), AFH announced the acquisition of Hereford-based IFA Elgar Financial for £120,000.

Alan Hudson, chairman and chief executive of AFH, said: “The acquisition of Chartwell continues our strategy of growing AFH both organically and by acquisition. This transaction also marks a strategically important step for the company as it broadens our geographic presence, placing us closer to the market in London and the south east.

“We intend to use this presence to pursue further acquisition and recruitment opportunities in the region.”