AJ Bell boss makes £62m as stock soars

boss of trading firm AJ Bell became £62m richer in a matter of hours as shares surged on its market debut.

Enthusiastic buyers piled in, driving shares up 33.6pc, or 60p, to 220p.

Andy Bell, who owns 25pc of the company which was valued at £165.8m at its float price of 160p per share, saw his stake, worth £227.9m, rise £62.1m.

The 52-year-old had already sold shares worth £18.1m.

AJ Bell manages £38.6bn for 198,000 customers who buy and sell assets in companies and funds through its website.

It is seen as a major rival to Hargreaves Lansdown, the biggest company in the industry with more than 1m clients, which has warned of an industry-wide slowdown amid fears of rocky markets.