Woodford invests £21m in AJ Bell

Woodford Investment Management is investing a total of £21m in platform AJ Bell.

The investment is being split with £13m invested by CF Woodford Equity Income fund and the remaining £8m invested by Woodford Patient Capital Trust, which launched in April.

No new shares have been issued as part of the transaction and AJ Bell employees remain the single largest shareholder group.

Invesco Asset Management, the platform’s largest institutional shareholder has also topped up its holding by “a modest amount”.

AJ Bell had £26.1bn in assets under administration as at 31 March.

Chief executive Andy Bell says: “I am delighted to welcome the Woodford funds as AJ Bell shareholders and thrilled that Invesco is maintaining its significant holding. The investment from these blue-chip institutions signals the exciting opportunities that are emerging.

“A new chapter in our growth story has started as the AJ Bell Investcentre platform benefits from advisers and their clients embracing pension freedoms. 2015 will see us continue to invest heavily to enhance the platform’s tools and functionality.”