AJ Bell has agreed to sell its Platinum SIPP and SSAS business to InvestAcc Group in a deal worth up to £25 million.
AJ Bell to Sell Platinum SIPP and SSAS Business to InvestAcc Group
The firm announced the news on Thursday, saying it expects to complete the sale in the second half of 2025, with 3,600 customers and £3.2 billion in assets under administration transferring to InvestAcc.
Under the agreement, AJ Bell will receive £18.5 million upon completion, comprising £17.5 million in cash and £1 million in new InvestAcc shares.
A further £6.5 million in deferred cash consideration will be payable, subject to certain conditions.
The sale is part of AJ Bell’s strategy to focus on its core investment platform business, which caters to both advised and direct-to-consumer segments.
CEO Michael Summersgill stated, “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.”
He added that AJ Bell Platinum customers will continue to receive great service under InvestAcc, which has a strong track record in the SIPP and SSAS market.
InvestAcc’s CEO Will Self welcomed the acquisition, describing AJ Bell Platinum’s high-quality service and products as a perfect strategic fit.
He added, “We look forward to collaborating with AJ Bell to ensure a seamless migration and integration of customers and staff.”
AJ Bell expects to recognise a profit on disposal. The firm said the proceeds will further strengthen its capital position, which will flow through the company’s capital allocation framework.
