Fund house Invesco has been cutting its stake in AJ Bell, according to stock exchange data examined by FTAdviser.
Invesco funds managed by Mark Barnett held a stake valued at about £100m at the time the company floated on the stock exchange in December 2018.
He sold some shares at that time, splitting £169m with other existing shareholders who were cutting their stakes, including rival fund house Seneca and the company’s founder Andy Bell, but committed not to sell any more for at least six months following the company joining the stock market.
Stock exchange filings show four share sales since the start of July, shortly after the lock-in period expired, with the stake falling from around 15 per cent at the time of the floatation to 11.7 per cent at the end of November.
FTAdviser understands Seneca Investment Managers, which also invested in AJ Bell before it floated on the stock exchange, has also sold some of its holding.
AJ Bell shares have risen from £2.20 to £4.03 over the past year.
The company’s annual results statement, published in October, showed the company had assets under administration of £33.8bn.
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