Neil Woodford, one of the UK’s most successful fund managers has poured £21m into AJ Bell, the online investment platform and stockbroker service provider.
Woodford Equity Income Fund is investing £13m while a further £8m is being invested by Woodford Patient Capital. Woodford founded Woodford Equity Income after quitting Invesco Perpetual, AJ Bell’s largest shareholder.
“I am delighted to welcome the Woodford funds as AJ Bell shareholders and thrilled that Invesco is maintaining its significant holding,” said AJ Bell chief executive Andy Bell. “The investment from these blue-chip institutions signals the exciting opportunities that are emerging as savers and investors embrace pensions freedoms.
“In addition, 2015 will see us launch a free guided investment customer service under AJ Bell Youinvest that will target the needs of retail investors caught in limbo because they can’t afford the cost of advice but don’t feel fully able to self-manage their investments.”