AJ Bell named 'good fit' for potential Cofunds acquisition

According to sources, AJ Bell has agreed a four-week exclusivity period as it bids to acquire Cofunds' retail arm from owner L&G. L&G paid £131m to take full ownership of the platform in 2013, buying out the shares of Threadneedle, Jupiter, Prudential and Newhouse Capital Partners to increase its stake from 25% to 100%. However, it was then reported to have put the platform up for sale in June 2015, just over two years after the acquisition. Platform commentators said a bid now by AJ Bell, which has £26bn in assets under administration, would be a "sensible move" as it wants to grow i...