AJ Bell has agreed to sell its Platinum SIPP and SSAS business to InvestAcc Group for £25m.
The move is part of the company’s strategy to simplify its business model and focus on the core platform.
AJ Bell will received £18.5m upon 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.
Platinum SIPP has 3,600 customers with £3.2bn of assets under administration which will transfer to InvestAcc on completion, expected in the second half of 2025.
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In the year ended 30 September 2024, AJ Bell Platinum contributed £10m to non-platform revenue.
Michael Summersgill, AJ Bell chief executive 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 investment platform market.
“The sale simplifies our business model, enabling the management team to focus on AJ Bell’s core platform business, in line with our growth strategy across both the advised and direct-to-consumer market segments.”
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“AJ Bell Platinum customers will continue to receive great service as part of InvestAcc, an award-winning provider of bespoke SIPP and SSAS services, with a track record of delivering excellent customer service.”
Will Self, chief executive of InvestAcc, added: “We are excited to announce the acquisition of the Platinum SIPP and SSAS business from AJ Bell. Its exceptional service proposition and high-quality products make it a perfect strategic fit for InvestAcc.
“We look forward to collaborating with AJ Bell to ensure a seamless migration and integration of AJ Bell Platinum customers and staff.”
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