AJ Bell has announced the appointment of Fiona Clutterbuck as the non-executive chair of the company.

The move will come into effect from 1 May 2023.

AJ Bell, which is one of the largest investment platforms in the UK, said its board believes Clutterbuck is the “ideal person” to lead the board and help the firm capitalise on growth opportunities in the investment platform market.

Clutterbuck will also join the nomination committee, as chair, the risk and compliance committee and remuneration committee, as well as take on the role of the designated non-executive director for engagement with the workforce.

She was previously a non-executive director of Hargreaves Lansdown, chair of Paragon Banking Group until September 2022 and is currently a non-executive director of Sampo and Co-operative Bank. She is also the senior independent director of M&G plc but intends to step down from that role at the conclusion of the company’s AGM on 24 May.

Commenting on her appointment, Clutterbuck said: “AJ Bell is a business I’ve long admired for its innovation, customer focus and commitment to delivering great value to customers and advisers.

“Its dual-channel business model is a real strength in the investment platform market and the business is very well positioned to take advantage of the structural growth drivers in the sector. I look forward to working with Michael, the rest of the board and executive team to ensure the business takes advantage of the growth opportunities that lie ahead.”

As announced on 27 September last year, AJ Bell’s current chair, Baroness Helena Morrissey, informed the board of her intention to step down when a new chair had been found. The timing of Morrissey leaving the board will be confirmed in a subsequent announcement by 30 April, AJ Bell confirmed.

The investment platform’s CEO, Michael Summersgill, added: “I am delighted that Fiona will be joining the Board. Fiona has a wealth of experience in our sector and will be able to support and challenge the executive team whilst leading the Board as we continue to grow the business.”

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