British investment platform AJ Bell has taken over the Adalpha group of companies, including Ad Alpha Solutions (Adalpha) to empower its financial advisers.
Financial terms of the transaction were not shared.
According to AJ Bell, Adalpha’s proposition under development can complement its existing adviser platform business, AJ Bell Investcentre. The Adalpha website stated that further details on the plans will be divulged later this year.
Adalpha CEO Dave Tanner said: “Our vision has always been to develop technology that helps financial advisers service a greater number of clients.
“Advisers should have the choice and capability to deliver their service remotely or face-to-face. As part of AJ Bell, we will be able to further develop our mobile led services and help increase clients’ engagement with their adviser.”
As part of the deal, AJ Bell will absorb all employees of the acquired entity.
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Commenting on the deal, AJ Bell CEO Andy Bell said: “The Adalpha team are working on a simplified, mobile focused platform service that will broaden our offering to financial advisers and help them service a wider base of clients.”
The latest development comes shortly after it was reported that Baroness Helena Morrissey from St James’s Place will join AJ Bell as its new chairman.
Morrissey is due to replace Les Platts as AJ Bell’s chairman at the firm’s next annual general meeting in January 2022.
Last year, AJ Bell launched a new service, which will add managed portfolio services (MPS) from rival discretionary fund managers to its platform.
The new service will initially offer access to managed portfolios from FE FundInfo and LGT Vestra, with plans on to add Brewin Dolphin to the service soon. AJ Bell also intends to add other third-party MPS partners eventually based on demand.