Wealth consolidator AFH Financial has purchased a £130 million client book from collapsed stockbroker Beaufort Securities.
Under the terms, AFH Financial will pay £250,000 in cash, following an initial payment of £50,000. The book contains around 600 clients.
In July, Wealth Manager revealed Beaufort Securities managers Laurie Beevers, the former WH Ireland chief executive who left in a cloud of controversy, and his colleague Andrew Jones, joined AFH and would be running money out of Colwyn Bay, Wales.
‘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,’ said Alan Hudson, chief executive (CEO), AFH.
‘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.’
Beevers will join former WH Ireland Birmingham director Richard Smith.
'Richard and I have decades of experience between us, and we’re really looking forward to putting that to work for AFH’s clients,' said Beevers.
'I’m also excited to be introducing my clients to the AFH experience – I’m sure they’ll appreciate it.'
Beevers served as CEO of WH Ireland from 2001 to 2008, when he became executive chairman alongside group managing director David Youngman. The duo was later suspended following an eleventh-hour collapse of merger discussions between Blue Oar and WH Ireland.
Following the suspension, Beevers and colleague Paul Weston acquired WH Ireland’s Colwyn Bay branch, spinning it out as a separate business.
The office, which also employed Jones, Michael Lee and James Rowbotham, joined Beaufort Securities in 2015.
However, it emerged in March this year that Beaufort Securities had collapsed into administration. The company has also been charged with fraud by US prosecutors.