Invesco’s head of UK equities Mark Barnett is among the fund managers who has agreed not to sell any of his stake in AJ Bell after it floats on the London Stock Exchange next month.
Mr Barnett, who holds £100m of AJ Bell shares in his £5bn Invesco Perpetual Income fund, has agreed not to sell this stake for at least six months after the company becomes listed.
Fund house Seneca, which has a stake of around £12m in AJ Bell, has also agreed not to sell any shares for at least six months after the floatation.
This morning AJ Bell confirmed it would float in December, but has not yet specified an exact date or the price at which its shares will be admitted.
It had been expected AJ Bell would list on the London Stock Exchange either at the end of this year or early in 2019.
The float will involve the sale of shares held by certain employees and directors, with no new shares issued. AJ Bell customers can apply to buy shares before the float, with a minimum investment of £1,000.
AJ Bell will have at least 25 per cent of its shares listed on the market.
All directors and senior managers of the business have agreed to a one year lock-in period for shares they own after the initial public offering.
For the year to the end of September 2018, the company reported assets under administration of £46.1bn, an increase of 16 per cent on the previous twelve months.