Wealth manager and Financial Planner AFH has used its latest acquisition to launch a new division - AFH Private Wealth.

Earlier this week the Midlands company announced it had bought the client portfolios of the Colwyn Bay office of failed firm Beaufort Securities from the administrators, adding £130m in funds under management and 650 clients.

AFH now plans to use the Beaufort takeover deal to provide the foundation to launch a new private wealth arm.

Under the deal ex-Beaufort clients will join AFH’s existing stockbroking clients in a new financial management service - AFH Private Wealth.

Former WH Ireland chief executive Laurie Beevors, who heads the Colwyn Bay office, will join ex-WHI Birmingham director Richard Smith in the new venture.

Mr Smith and his team will work from AFH’s Bromsgrove HQ which is also home to the group’s investment and research teams, while Mr Beevors and colleagues will serve clients from his office in North Wales.

Mr Smith said: “Having worked at AFH since 2015, I know how valuable the group’s in-house expertise is for clients. I’m sure that the new services we’ll be offering as AFH Private Wealth will add to AFH’s already attractive client proposition.”

Mr Beevors, who brings experience in probate valuations and inheritance tax portfolios, added: “We’re really excited to be joining AFH for the launch of its new private wealth venture. Richard and I have decades of experience between us, and we’re really looking forward to putting that to work for AFH’s clients.”

AFH chief executive and Chartered Financial Planner Alan Hudson said: “AFH Private Wealth is yet another step on our journey to deliver the very best for our clients, whatever their financial needs. And with Richard and Laurie we have two star performers, who with their teams will certainly provide a top-notch service.

“Together with the expansion of our mortgage and associated protection offering and our move into commercial insurance, AFH Private Wealth is one more sign that we are on track to achieve our vision – to be the first choice for wealth management and advice in the UK.”