AJ Bell sells Platinum SIPP and SSAS business in £25m deal

AJ Bell Platinum, its SIPP and SSAS business, has 3,600 customers with £3.2bn of assets under administration. Clients and assets are due to transfer in the second half of the year. The deal sees £18.5m transferred on completion, made up of £17.5m in cash and £1m in new InvestAcc shares, and £6.5m of deferred consideration in cash, subject to certain conditions. AJ Bell CEO Michael Summersgill said: "Our strategy is to provide easy-to-use, low-cost platform propositions using a single, scalable operating model to capitalise on the significant long-term growth opportunity in the UK inve...