IFA consolidator AFH Financial is looking to raise up to £20 million to fund its acquisition pipeline, as it works towards its goal of being a £10 billion manager in the next five years.

The funds will be raised, subject to shareholder approval, via a placing of convertible unsecured loan stock in £5000 denominations.

“Net proceeds of the placing [will] be used to execute the company's acquisition pipeline and for general corporate purposes,” the firm said in a statement.

“The company currently has a strong pipeline of potential acquisitions under consideration and due diligence.”

The boar...