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AJ Bell sets in motion float plan

AJ Bell sets in motion float plan

AJ Bell has set wheels in motion to float on the London stock exchange, according to a Sky News report.

The platform and Sipp provider has met with investment banks in recent weeks to discuss the possibility of a float, according to the report.

A float would offer a significant payday for both founder and chief executive Andy Bell and a number of major insitutional backers. 

The biggest stake is owned by Invesco Perpetual, which holds 37%. Chief executive Bell (pictured) remains the second largest shareholder in the company with 28% of the shares.

Neil Woodford’s Woodford Investment Management holds 8% and Seneca Investment Management holds 3%.

A spokesman for AJ Bell told Wealth Manager sister title New Model Adviser® it does not comment on market speculation. 

AJ Bell's latest financial results covering the year ending 30 September 2017 showed the company made a pre-tax profit of £21.7 million, with assets under management of £40 billion. It has made efforts in recent years to diversify its business with a push into .  

If a float does go ahead, AJ Bell would follow in the footsteps of Transact, which will float on the stock exchange in March.

New Model Adviser® last month asked AJ Bell if it would consider going public. 

‘Our focus is on continuing our strong organic growth by providing high quality service to advisers and customers,’ a spokesman for AJ Bell said at the time.

‘Our senior team remains fully committed to the business and is under no pressure to consider exit strategies. But, naturally, it will always look at ways to develop and grow the business.

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