Invesco Perpetual set to slash holding in AJ Bell at IPO

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...