UK wealth management group AFH Group's acquisition by US private equity firm Cortina Bidco has been approved by the Financial Conduct Authority.

AFH said in a stock exchange statement on 19 May that the UK regulator had given approval to the proposed takeover by Cortina Bidco, a newly incorporated company managed by Flexpoint Ford, but that it remained subject to sanction by the High Court.

"It is expected that completion of the acquisition will occur as soon as practicable following such sanction. A further announcement will be made when the date of the High Court Hearing to sanction the Scheme has been confirmed", it said.

AFH Financial Group was founded in 1990 with AFH Wealth Management, the most significant part of the group, having £6bn in assets under management and more than 200 independent financial advisers.

The group is based in the West Midlands with offices across the UK. Group brands include AFH Wealth Management, AFH Private Wealth and Eunisure.

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