AJ Bell buys Adalpha for undisclosed sum

Investment platform AJ Bell said on Friday that it has bought Adalpha - which is currently developing a mobile focused platform proposition for financial advisers - for an undisclosed sum.

AJ Bell said this simplified proposition has the potential to complement its existing adviser platform business, AJ Bell Investcentre. As part of the deal, all of Adalpha's staff will transition to AJ Bell.

Chief executive Andy Bell said: "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."

Adalpha’s CEO, Dave Tanner, said: "Advisers should have the choice and capability to deliver their service remotely or face-to-face. As part of AJ Bell, we will be able to further develop our mobile led services and help increase clients' engagement with their adviser."

No financial details were disclosed.