Hull-based CFL Three today announced it had joined forces with national AFH Group in a £10m deal.
The deal takes AFH’s funds under management to more than £5bn, gives the group 3 new offices in Yorkshire and takes its adviser team to around 250.
CTL Three trades as the Insurance Partnership Financial Services, Kirk Ella Investments, PCWM, IFA Professional Planning and Hallgarth Wealth Planning and has offices in Hull, York and Scunthorpe.
CTL Three boss Paul Hodgson will become AFH’s regional director for Yorkshire and the North, an area where AFH is keen to expand its presence further after several recent acquisitions.
Paul, who joined the financial services industry from university in 1992, said: “The decision to join forces with AFH does not indicate the end of our ambitions – quite the opposite. We’ve grown to a size where the move to the next level would require significant investment. That left us either having to raise new funding or find the right business to join.
“Having looked at the market and spoken with several potential consolidators, it was very evident that AFH was the standout option given both their commitment to the client at the centre of their business, and their overall culture which aligns with ours. This, combined with the group’s growth aspirations, made it a very straightforward decision.
“We look forward to working with Alan and the team at AFH. Our clients will still be dealt with by the same advisers and administration team, but will now have access to AFH’s unique service proposition, including zero platform fees and low-cost delegated authority funds.”
CTL Three looks after more than 3,400 clients, mostly in Yorkshire and the North East.
AFH chief executive Alan Hudson said:
“We are now established as one of the largest financial advisers in Yorkshire and the North East, and in his new role as regional director Paul will be looking to expand that presence even further.”
As well as providing wealth management, stockbroking, mortgage and insurance services, AFH manages a £100m property portfolio that includes industrial units in Normanton and Rotherham, an office block in York and a retail park in Darlington.