Numbers stack up for AFH as it enters JV with Welsh accountants
BROMSGROVE-based wealth management firm AFH as announced details of a new joint venture agreement with an accountancy business in Wales.
AFH, which has embarked on a major acquisition strategy in its own right, said the JV was with Broomfield & Alexander, a professional advisors and chartered accountants, employing around 90 staff across three offices in South Wales.
The JV, branded Broomfield & Alexander Wealth Management Ltd, has been established as an appointed representative of AFH Independent Financial Services, the company’s principal operating subsidiary. The deal will enable AFH to develop a presence in South Wales and recruit IFAs to build the new brand.
AFH, winner of the PLUS-SX Newcomer of the Year 2012 award, which has grown adviser numbers from 53 to over 80 since its IPO last year, will work with Broomfield & Alexander to offer a fully integrated range of tax and financial planning services.
AFH said the JV would itself apart from other more traditional IFAs through its Discretionary Fund Management and range of in-house investment services.
Alan Hudson, chairman and chief executive of AFH, said: “Today’s news marks AFH’s first established foothold within the strong Welsh market where the company already has IFAs operating.
“It is very much our intention to develop our presence in South Wales, to recruit specialist staff and build a strong and loyal brand. I see both Broomfield & Alexander and AFH as two complementary and client-focused businesses seeking to deliver end-to-end solutions to a wide range of clients.
“We are delighted they have chosen us as partner and we look forward to working with them to grow the JV into a leading and recognised brand.”
The JV follows the recent announcement by AFH of the acquisition of Arden Court Group Ltd, a Nottingham-based IFA. The deal was the seventh successful acquisition since the company’s IPO last year.
Broomfield & Alexander, the largest chartered accountancy practice in South Wales and the only Welsh Accountancy practice in the top 100 accountancy practices, has a 4,000-strong private and corporate client base and offices in Cardiff, Newport and Swansea.
