Investment platform and SIPP provider AJ Bell has appointed its deputy CEO Michael Summersgill to succeed founder Andy Bell as CEO from 1 October, subject to regulatory approval. 

Thousands of investors in the Woodford Equity Income fund have been left ‘in limbo’ three years after the fund was suspended.

Profit before tax at investment platform AJ Bell fell to £26.1m (HY21: £31.6m) for the six months ending 31 March.

Fund charges for five AJ Bell multi-asset funds have been reduced by over a third over the past five years to 0.31%.