Acquisition strategy paying off for AFH as funds grow by 25%

FUNDS under management (FUM) at Bromsgrove financial services group AFH have passed £1.25bn following seven acquisitions since the year end.
 
At the company’s annual general meeting this morning, its chairman John Wheatley will tell shareholders that it has grown its funds by £250m since January.
 
“In January 2015, the board announced that funds under management had reached £1bn. Since that date, new funds have been received from clients which, together with the growth in underlying assets and the FUM of recent acquisitions, enables me to report that FUM have now reached £1.25bn,” he said.

Wheatley will also reveal that a four year bond issued in December has raised £2.14m.
 
These funds will be used for general corporate purposes, in particular to help finance the initial cash payments on the company’s target acquisitions during 2015.
 
Since 31 October 2014, AFH has completed seven acquisitions of IFA businesses spread throughout England with a combined maximum consideration of £5.3m.
 
“I am pleased to report that both the company’s balance sheet, and pipeline of prospective acquisitions, remains strong and further selective acquisitions are anticipated during the current financial year,” Wheatley said.

“The directors remain confident that the group is well positioned to take advantage of market opportunities as they arise.”