Major shareholder Invesco Perpetual is expected to cut its holding in AJ Bell when the investment platform floats in the coming year.
Invesco Perpetual is said to be reducing its stake in AJ Bell from 44% to 25% while chief executive Andy Bell will cut his holding from 28% to 25%, the FT reports. Both parties will remain cornerstone investors. The remainder of the company is currently owned by management and employees following Neil Woodford's sale of his 8% stake to Bell and Invesco in February. AJ Bell is expected to be valued at £500m, about 17 times its expected pre-tax profit for 2018. Chief executive Andy Bell has earmarked an unspecified number of shares for AJ Bell's 172,000 retail customers. The group h...
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