Manchester headquartered AJ Bell prepares for IPO with exclusive customer element

AJ Bell reveals IPO plan with 'exclusive' deal for 172,000 clients

AJ Bell reveals IPO plan with 'exclusive' deal for 172,000 clients

Woodford sold its £40 million stake in AJ Bell shortly before the firm announced its intention to float on the market, according to the Financial Times.

AJ Bell didn't provide any details about the number of existing shares that would be sold as part of the IPO, nor the price of the shares or expected market capitalisation. He now owns 44% of the company while fund manager Invesco Perpetual controls 44% and Seneca Investment Managers another 3%.

'We believe the outlook for our business is extremely positive. "The need for people to save and invest for their future has never been stronger and we are making it easier for them to do that".

'In some cases, such as Atom Bank, once those early hurdles have been overcome it is entirely appropriate these businesses raise capital from other investors rather than Woodford. The two largest shareholders said they meant to keep significant holdings after the float.

Sorprende foto de Nicole Kidman envejecida
No se trata de la primera vez que la actriz se enfrenta a un drástico cambio por exigencias del guión. Claramente, un look lejos del que tiene en la realidad.

The float would include a retail share offer available exclusively to AJ Bell's customers and is set to take place in late 2018 or early 2019. The Woodford Equity Income Fund had previously held an 8% stake. "Our focus on the needs of our customers has resulted in assets invested via our platform increasing by 26% a year on average over the last five years, with total assets under administration hitting GBP42 billion", Bell added.

Rumours that AJ Bell, which had assets under administration at the end of December of £42bn ($58.35bn, €47.35bn), was considering an IPO on the London Stock Exchange's main market first appeared last month in the United Kingdom trade press.

For the 12 months ended September 31, 2017, AJ Bell recorded pretax profit of GBP21.7 million, up from GBP16.8 million in the year ago period. The dividend has been grown to 10%, equating to a 66% pay out ratio. Our profitable operations are supported by a strong, debt-free balance sheet and give us a secure platform from which to realise our growth ambitions.

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