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

InvestAcc Group takes over £3.2bn book

AJ Bell has sold its Platinum self-invested personal pension (SIPP) and small self-administered scheme (SSAS) business, part of its non-platform operations, to InvestAcc Group in a deal worth up to £25m.

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 Investments AUM rises 38% as platform business hits £89.5bn AUA AJ Bell CEO Michael Summersgill said: "Our strategy is to provide easy-to-use, low-cost platform propositions using a single, scalable operating model t...