Neil Woodford sold out of AJ Bell ahead of the adviser and D2C platform announcing plans to list on the London Stock Exchange, according to the Financial Times.
Woodford Investment Management told the FT the £6.8bn Equity Income fund sold its 8% stake in AJ Bell in February. The disposal, understood to have raised £40m, took place as Woodford suffered more than £1bn in redemptions from the flagship fund. Assets under management in the fund have fallen from a £10.2bn high a year ago to £6.85bn today. Woodford confident changing investment backdrop will bolster poorly-performing funds AJ Bell confirmed plans to list on the London Stock Exchange with exclusive retail shares for customers, while the firm's CEO Andy Bell and Invesco Perpet...
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