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AJ Bell sets minimum application value for IPO

AJ Bell has confirmed at least a quarter of the platform’s share capital will be floated when it lists later this year.

The platform has set a minimum application value of £1,000 and is now expecting to list on the main market on the London Stock Exchange in December, the company announced this morning.

Selling shareholders will only be able to sell their existing shares, while institutional investors and AJ Bell customers will see their own offerings made available.

AJ Bell directors and other employees selling their shares will all be subject to a lock-on of 100 per cent of their shares at admission, falling to 50 per cent for another year after that.

Major investors Invesco Perpetual and Seneca Investment Managers will take on a 180-day lock-in, as will former AJ Bell employees who still have shares in the company and wish to sell them.

This morning’s announcement reads: “The directors believe that this is an appropriate time to bring the group to the public market, reflecting the robust foundations established for future growth. The directors believe that the offer and admission will further enhance the company’s profile and brand recognition with customers and advisers, extend the Company’s shareholder base to a wider group of institutional shareholders and AJ Bell customers, assist in the recruitment, retention and incentivisation of all employees, and support AJ Bell’s growth strategy.”


FCA register puts ‘integrity of data’ as priority

FCA chief executive Andrew Bailey says the watchdog’s main priority for its register will be the accuracy of data displayed about individuals. In a letter to MP Nicky Morgan, Bailey responded to comments Morgan made in the Daily Telegraph that the Treasury select committee would raise the issue of the register when the FCA next […]

Tapering of annual allowance – adjusted and threshold income

The definitions of adjusted income and threshold income used to determine whether, and to what extent, someone’s annual allowance will be reduced can be confusing.  Here we try to make sense of it all. The annual allowance will be reduced for high income individuals from 6 April 2016.  Our previous article Tapering of annual allowance […]


Lifetime allowance 2018/19 increase confirmed but pensions absent

The Government has confirmed that the lifetime allowance 2018/19 will rise in line with inflation, but savers have been offered little else in the Autumn Budget. The lifetime allowance will increase from £1m to £1,030,000 to match CPI from 2018/19.  Though the maximum amount the can be saved each year into a Junior Isa or […]


Income should mean income

By Robin Geffen, Fund Manager & CEO, Neptune Equity income funds have a vital role to play in client portfolios today. With the awkward confluence of the baby boomers retiring as fixed income yields sit at historic lows, these funds have increasingly taken centre stage in delivering income for those who need to live off […]


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