Woodford Freeze Boosts Investor Move to U.K. Platform AJ Bell
- Clients have deposited 1.2 million pounds in past three months
- U.K. asset management industry has faced criticism on Woodford
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Investors poured more cash into U.K. investment platform AJ Bell Plc in the past quarter even as the country’s fund industry came under fire following Neil Woodford’s decision to freeze redemptions from his flagship fund.
Customers added 1.2 billion pounds ($1.5 billion) in the U.K. investment platform in the three months through June, adding to 1 billion pounds of net inflows in the first quarter of the year, according to a statement on Thursday. Shares rose as much as 8.4%, the biggest increase in three months.