IAF Group, which is transferring its listing from the London Stock Exchange to the Alternative Investment Market, said earlier this week tha...

IAF Group, which is transferring its listing from the London Stock Exchange to the Alternative Investment Market, said earlier this week that it had received Financial Services Authority authorisation to launch a stockbroking business. The firm plans to concentrate on wealth management. Chairman and chief executive David Massie said in a statement: "Now that we have received FSA written confirmation that IAF Securities has been authorised as a stockbroker, we plan to develop the business rapidly. "We have made further staff appointments to complete our infrastructure and are actively seeking to recruit private client stockbrokers, wealth managers and corporate financiers." IAF has raised £6 million ($10.5 million) to grow its new business.