Woodford Investment Management has invested £21m in AJ Bell, a self-invested pension and platform services provider.
AJ Bell is owned by its management team and three institutional investors, which includes Invesco Perpetual, Seneca Investment Managers and Woodford Investment Management.
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Woodford has invested £13m through its CF Woodford Equity Income Fund.
The remaining amount has been invested by Woodford Patient Capital Trust, which aims to identify untapped growth opportunities for long-term returns.
The deal did not involve issue of any new shares, with employees, headed by Andy Bell, remaining the single largest shareholder group. However, shares were made available by management as well as existing shareholders.
Invesco did not sell any shares, but raised its holding by a modest amount.
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By GlobalDataAJ Bell chief executive Andy Bell commented: ""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 as savers and investors embrace pensions’ freedoms."
