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Investment platform AJ Bell to allow UK clients to participate in IPO

British investment platform AJ Bell Holdings Ltd. will allow its customers to participate in its IPO, which is expected to take place by 2018-end or early 2019.

The firm tapped Numis Securities Ltd. to explore an offering, which would include a retail share sale exclusively to its U.K. customers. The firm noted that it does not intend to raise new capital as part of the public offering, and it said its two largest shareholders — co-founder and CEO Andy Bell and Invesco Perpetual — will retain "cornerstone shareholdings" after the IPO.

Another shareholder, the Woodford Equity Income fund run by star manager Neil Woodford, sold its 8% stake in AJ Bell to Invesco Perpetual just ahead of the IPO announcement, the Financial Times wrote March 11, citing the company. Woodford worked at Invesco before setting out on his own.

For the financial year ended Sept. 30, 2017, the firm reported pretax profit of £21.7 million, up from £16.8 million in the previous year. Revenues also increased year over year to £75.6 million from £64.5 million.

As of Dec. 31, 2017, assets under administration amounted to £42 billion.