Andy Bell quits investment giant

ANDY Bell is stepping down as chief executive of the FTSE 250 UK investment group he founded after 27 years in charge.

Bell – who co-founded AJ Bell in Manchester in 1995 and built it into one of the UK’s most popular investment platforms – will be succeeded by deputy chief executive Michael Summersgill at the start of October as part of what the firm said was a ‘longestablished succession plan.’

Bell, 55, however, will remain at the company and take up the position of deputy chairman. he said: ‘It has been a fantastic journey so far.’

The Liverpool-born father of four had a modest upbringing, including caravan holidays with his parents, and after working as an actuary and sports coach for a few years decided to set up AJ Bell with his friend Nicholas Littlefair. Though he still owns nearly a quarter of the company, worth around £253m, he has cashed in millions from selling shares. But despite his wealth, he has tended to avoid flashing his cash.