Michael Summersgill News
27.03 / 11:59
UPS
Provident
CEO
Platform
Strategy
AJ Bell sells Platinum SIPP and SSAS business in £25m deal
AJ Bell Platinum, its SIPP and SSAS business, has 3,600 customers with £3.2bn of assets under administration. Clients and assets are due to transfer in the second half of the year. The deal sees £18.5m transferred on completion, made up of £17.5m in cash and £1m in new InvestAcc shares, and £6.5m of deferred consideration in cash, subject to certain conditions. AJ Bell Investments AUM rises 38% as platform business hits £89.5bn AUA AJ Bell CEO Michael Summersgill said: «Our strategy is to provide easy-to-use, low-cost platform propositions using a single, scalable operating model t...
23.01 / 13:27
UPS
CEO
Financial heavyweights join forces against chancellor's IHT/pension plans
The big name firms, which collectively manage £430bn of investments for 3.4 million people, joined forces to oppose the methodology behind the tax policy which is due to come into force in April 2027. It was first announced in the Autumn Budget and has been criticised for being overly complex. Michael Summersgill is CEO at AJ Bell, Don Olley heads Hargreaves Lansdown, Steven Levin is CEO of Quilter and ii is headed up by Richard Wilson. Reeves to host meetings with financial services heavyweights over sector and UK growth plans The joint letter said while decisions on raising ta...
25.11 / 15:55
COST
CEO
Death
AJ Bell CEO Michael Summersgill cautions chancellor over proposed pension IHT changes
In a letter seen by Investment Week, Summersgill wrote to the chancellor and said «applying IHT to pensions creates delays for beneficiaries, will be costly and will prove unworkable in many situations». Should the government decide to press ahead with its proposals, this will «risk fundamentally undermining the UK pensions system», Summersgill claimed. «I am raising this issue not to disagree with the premise that unused pension funds should be taxed on death, but to ensure the method used to achieve this aim is workable and does not have unforeseen consequences,» he added. Unde...
10.10 / 18:40
CEO
Strategy
reports
AJ Bell Investments promotes Ryan Hughes to managing director
Ryan Hughes has been made full-time managing director of AJ Bell Investments, having held the role on an interim basis since late last year, while Stephen Westgate has joined as group corporate development director. Both are set to report into AJ Bell's CEO Michael Summersgill, who noted that their appointments add «further depth to our leadership team, bringing new perspectives and thinking to help develop our strategy and identify further organic growth opportunities for the business». Hughes joined AJ Bell from Apollo Multi Asset Management in 2016 and will now join the firm's ex...
15.07 / 11:13
Platform
innovations
Features
AJ Bell calls on government to merge Cash and Stocks and Shares ISAs into single product
In a policy paper published today (15 July), the investment platform urged the new Labour government to create a single ISA product incorporating Cash ISAs, Stocks and Shares ISAs, Junior ISAs and Innovative Finance ISAs. Chief executive Michael Summersgill said the merger would be the first step in achieving the ultimate goal of moving to a single ‘One ISA' regime, which he argued would unlock £30bn currently sitting in Cash ISAs. AJ Bell: The British ISA is a bad idea «By combining the best features of ISAs into a single product, the government can make it easier for people to ...
23.05 / 10:45
markets
Platform
economy
Research
show
rights
AJ Bell attacks 'counterproductive' GB ISA as dividend jumps 21%
Michael Summersgill, chief executive of the platform, argued the GB ISA was «not the right solution» to boost investment in the UK economy or revive the health of the London stock market, suggesting the «extra complexity» would only further damage an ISA system that has «already become too complicated». GB ISA panel: Success for UK equities will be in the details «Our research shows complexity deters would-be retail investors from engaging with investing altogether, meaning that over the long term there is a high risk a UK ISA would actually be counterproductive,» he wrote. «We bel...
18.01 / 14:37
companies
AJ Bell
Platforms
Q4
AJ Bell platform assets hit record £76.2bn as inflows soar 62%
Michael Summersgill (pictured) is CEO of AJ Bell.
02.01 / 12:03
07.12 / 12:45
companies
Results
People moves
AJ Bell
AJ Bell reports 'strong' results with 50% jump in pre-tax profits
Michael Summersgill (pictured), CEO of AJ Bell
19.10 / 07:41
20.07 / 07:51
companies
AJ Bell
Consumer Duty
Q3
Customers
AJ Bell customers and AUM climb in Q3
Michael Summersgill (pictured) is the CEO of AJ Bell.
17.06 / 20:33
Platform
AJ Bell boss Andy Bell to step down in October
AJ Bell said its chief executive and co-founder Andy Bell will step down in October.
17.06 / 07:59
Platform
AJ Bell boss Andy Bell to step down in October
AJ Bell said its chief executive and co-founder Andy Bell will step down in October.
16.06 / 19:53
Platform
AJ Bell boss Andy Bell to step down in October
AJ Bell said its chief executive and co-founder Andy Bell will step down in October.
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