Listed IFA consolidator AFH has announced that executive director and chief investment officer Toby Denne has stepped down from the board to focus on other business interests.

He remains a significant shareholder in the firm, having acquired 20,000 shares in May, increasing his overall holding to 454,411 or 2.27 per cent of AFH’s issued share capital.

Mr Denne was previously a director of Allium Capital and Octopus Investments. He was appointed to AFH’s board as a non-executive in 2011.

He was appointed as chief investment officer in February 2014, purchasing 80,000 ordinary shares in the business.

Alan Hudson, chief executive of the Aim-listed business thanked Mr Denne for his hard-work and dedication.

“He has been key in the significant growth that AFH has seen in the past few years as it moved from ISDX to Aim and we wish him all the best for the future.”

The board stated that it expects to update shareholders on new appointments in the near future.

peter.walker@ft.com