UK-based wealth management firms AFH has acquired the Welsh Colwyn Bay office client book of collapsed discretionary fund manager Beaufort Securities from its administrators.

The purchase will add £130m in funds under management to AFH’s books. The consolidator will pay £250,000 in cash for the portfolios, using its existing liquidity.

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As per the agreed terms of the transaction, AFH will make an upfront payment of £50,000 and pay the remaining amount upon the fulfilment of certain milestones.

Advisers Laurie Beevers and Andrew Jones will migrate to AFH as part of the deal and continue to serve their existing Colwyn Bay office clients.

AFH CEO Alan Hudson 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.”

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In March 2018, the Financial Conduct Authority declared Beaufort Securities and sister company Beaufort Asset Clearing Services insolvent after assessing their financial positions. At the same time, Beaufort Securities was charged with securities fraud and money laundering allegations.

Earlier this week, the Financial Services Compensation Scheme (FSCS) said that over 12,000 clients of the collapsed firm have been moved to The Share Centre.

FSCS also said that the first tranche of cash and assets were returned to affected clients, through association with Beaufort Securities’ special administrator PwC.