AJ Bell buys mobile platform Adalpha
AJ Bell has bought startup platform Adalpha to enhance its mobile offering for advisers and their clients.
The investment platform, which has £55bn assets under administration, said the “simplified proposition” has the potential to complement its existing adviser platform business AJ Bell Investcentre.
“Financial advisers need a variety of propositions to match a diverse range of client needs. The Adalpha team are working on a simplified, mobile focused platform service that will broaden our offering to financial advisers and help them service a wider base of clients,” Andy Bell said.
The Aim-listed firm did not disclose further details of the deal, including the fee, but said all of Bristol-based Adalpha’s staff will transition to the team.
“Advisers should have the choice and capability to deliver their service remotely or face-to-face,” Adalpha chief executive Dave Tanner, former chief operating officer of Parmenion, said.
“As part of AJ Bell, we will be able to further develop our mobile led services and help increase clients’ engagement with their adviser.”
AJ Bell has enjoyed a strong start to its financial year off the back of a year of pandemic-induced volatility. Its platform business saw inflows of £0.8bn from advised clients and £0.7bn from its direct-to-consumer offering.
In a trading update in January AJ Bell said it was double the level reported in the same period last year.