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BlackRock takes 5% stake in consolidator

BlackRock joins River and Mercantile and Polar Capital in taking a stake in consolidator AFH.

BlackRock takes 5% stake in consolidator

Asset manager BlackRock has taken a 5% stake in consolidator AFH, becoming the latest investment management house to invest in the business.

According to a market update published earlier this week BlackRock has bought 1.9 million shares which equate to a 5% stake in the business. AFH’s market capitalisation today is around £100 million, meaning the stake is worth roughly £5 million.

Other fund managers to hold an investment in AFH are Slater Investments, which holds a 7.5% share, River and Mercantile UK with 4% and Polar Capital with 3.6%.

Alan Hudson (pictured), AFH’s chief executive, said: ‘We see the continuing support of BlackRock and other institutional investors as a vote of confidence in the group and our strategy of combining very healthy organic growth with selective acquisitions of businesses that share our client-first vision.

‘It’s a strategy that gives us better purchasing power and allows us to attract top talent to our adviser team, as well as expanding our in-house expertise and support for advisers and clients.’

When asked if BlackRock is included in AFH’s centralised investment proposition, a spokesman for the firm said: ‘AFH is a whole-of-market independent financial adviser with £2.7 billion funds under management. We manage money across multiple platforms for our clients. It is almost inevitable that at any one time some of our clients’ money will be invested in BlackRock funds, just as others’ will be invested with a wide range of other reputable financial institutions.’

BlackRock was unavailable for comment. 

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