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AJ Bell to sell Platinum SIPP and SSAS business to InvestAcc for £25m
(Sharecast News) - AJ Bell said on Thursday that it has agreed to sell its Platinum SIPP and SSAS business - AJ Bell Platinum - to InvestAcc for up to £25m. AJ Bell Platinum has 3,600 customers with £3.2bn of assets under administration which will transfer to InvestAcc on completion. This is expected occur in the second half of the year.
In the year ended 30 September 2024, AJ Bell Platinum contributed £10m to non-platform revenue. The company said the sale does not impact its FY25 guidance.
AJ Bell said the disposal proceeds will further strengthen its capital position, which will be flowed through the company's capital allocation framework.
Chief executive Michael Summersgill said: "Our strategy is to provide easy-to-use, low-cost platform propositions using a single, scalable operating model to capitalise on the significant long-term growth opportunity in the UK investment platform market.
"The sale simplifies our business model, enabling the management team to focus on AJ Bell's core platform business, in line with our growth strategy across both the advised and direct-to-consumer market segments.
"AJ Bell Platinum customers will continue to receive great service as part of InvestAcc, an award-winning provider of bespoke SIPP and SSAS services, with a track record of delivering excellent customer service."
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