FTSE 250 listed stockbroker AJ Bell has acquired Adalpha, a start-up developing a mobile platform for financial advisors.

AJ Bell said it believes the acquisition will complement Investcentre, its existing adviser platform business.

The size of deal or valuation was not disclosed, but AJ Bell confirmed none of the Bristol-based start-up’s staff would be made redundant.

The Manchester-based broker enjoyed a profitable first quarter, doubling its net inflows, as it continued to attract new customers to its platform.

AJ Bell also reported its January level of trading doubled year-on-year, while its platform business received inflows of £0.8 billion from advised clients and £0.7 billion from its consumer offering.

The move comes shortly after AJ Bell announced Baroness Helena Morrissey is set to become its new chairperson.

“Financial advisers need a variety of propositions to match a diverse range of client needs,” said Andy Bell, chief executive of AJ Bell. “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.”

Dave Tanner, chief executive of Adalpha, said: “Our vision has always been to develop technology that helps financial advisers service a greater number of clients.”
“Advisers should have the choice and capability to deliver their service remotely or face-to-face.”

He added: “As part of AJ Bell, we will be able to further develop our mobile led services and help increase clients’ engagement with their adviser.”

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