18th Aug 2021 10:46
(Alliance News) - Retail investment platform AJ Bell PLC on Wednesday said it has made a series of senior management changes to secure the expertise to support growth.
AJ Bell promoted Chief Financial Officer Michael Summersgill to the newly created role of deputy chief executive officer.
Summersgill will support CEO Andy Bell to develop and execute the company's growth strategy for its platform, the FTSE 250 firm said.
AJ Bell also named Finance Director Roger Stott to the newly created role of chief operating officer.
As a result of these moves, the company is currently conducting an external search for a new CFO.
Margaret Hassall has been appointed as non-executive director to join the board from September, the investment platform said.
Hassall recently stepped down as non-executive director of fellow investment platform Nucleus Financial Group PLC, where she chaired the Remuneration Committee, the company noted. Until May 2020, she served as a non-executive director of OneSavings Bank PLC, now called OSB Group PLC.
"During her executive career, Margaret worked as a consultant for Deloitte for 7 years, led the financial services consulting business for Charteris and previously held roles within some of the world's largest banks," AJ Bell added.
In May, AJ Bell reported sharp interim profit growth - up 39% to GBP31.6 million in the half-year ended March 31 - as a low interest rate environment resulted in a record increase in new customers over the period.
Total customers increased by a "record" 51,492 in the period, up 32% over the past 12 months and 17% higher over the first half, while assets under administration closed the period at GBP65.2 billion, up 15% from GBP56.5 billion at the end of September.
Shares in AJ Bell were trading up 0.3% at 431.60 pence each in London on Wednesday morning.
By Scarlett Butler; [email protected]
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