AFH, the wealth manager and Financial Planning firm led by a Chartered Financial Planner, has acquired the client portfolios of the Colwyn Bay office from the administrators of Beaufort Asset Clearing Services Limited and the joint administrators of Beaufort Securities Limited.

Earlier this year, the FCA intervened at DFM and wealth manager Beaufort Securities. The FCA imposed sweeping restrictions on Beaufort Securities Limited (BSL) and Beaufort Asset Clearing Services Limited (BACSL) and said it was working with the US Department of Justice to investigate the firms.

Both firms were placed into insolvency following an urgent application by the FCA to the High Court.

As part of the takeover deal, financial advisers Laurie Beevers and Andrew Jones are expected to join AFH Private Wealth Limited and to continue to advise the clients of the Colwyn Bay office.

The deal will add up to £130m of funds under management to AFH which recently reached the £4bn FUM milestone.

The acquisition will cost AFH £250,000 in cash, funded from the company's existing cash resources. The initial payment will be £50,000 with the balance to be paid on the achievement of key milestones.

Chartered Financial Planner Alan Hudson, chief executive of AFH, said:  "This acquisition will strengthen AFH Private Wealth Limited, adding new clients, together with their significant portfolios, and bringing the experience of Laurie and Andrew to the Company.

“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.”