Pension and platform business AJ Bell has acquired a pair of investment firms, as part of plans to launch its own range of low cost passive funds.
AJ Bell said it has agreed to acquire the London-based investment management businesses, subject to Financial Conduct Authority (FCA) approval. Firstly, it has acquired passive fund provider Indexx Markets as well as its wholly-owned subsidiary Allium Capital, which operates an existing range of investment funds, the FP Allium DRP funds. Woodford returns to AJ Bell with £21m investment Furthermore, discretionary fund manager Mansard Capital has been acquired. It provides investment management services to the FP Allium Portfolio funds, among others. The firm said they are separate...
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