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AJ Bell customers get exclusive access to its new shares

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Investment platform AJ Bell is giving its customers first dibs on its new shares, due to list at the end of 2018 or early 2019.  

The Manchester-based group said it is preparing for a float on the London Stock Exchange, run by Numis Securities. Co-founder and chief executive, Andy Bell, said: “We now have 172,000 customers and I want them to be able to share in our success by giving them exclusive access to the offer.”

Bell and Invesco Perpetual will remain the group’s two largest shareholders. Veteran fund manager Neil Woodford sold his holding earlier this year.

Bell said: “An IPO is a natural next step in our journey and will provide a further boost to our future growth through the increased profile a stock market listing will give us.

“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.”

The platform currently has assets under administration of £42bn, up 26% per year on average over the last five years. In 2017 revenues grew 17% to £75.6m, while the group’s dividend increased by 10%, equating to a 66% pay-out ratio.

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