A provider of online investor platforms has received multi-million pound investment from a funds management company.

AJ Bell has been given £21 million by branches of Woodford Investment Management, making up the ‘Woodford Funds’.

The shares were made available by existing shareholders and management.

The Manchester-based group has an office in Tunbridge Wells and will see £13 million come in from the CF Woodford Equity Income Fund, which seeks long-term returns from companies who can deliver sustainable growth.

A further £8 million will be provided by Woodford Patient Capital Trust Plc. the investment trust branch of the funds management company.

Invesco Asset Management Limited, the largest institutional shareholder, did not sell any shares and took the opportunity to top up their holding by a modest amount.

Employees, led by chief executive Andy Bell, remain the single largest shareholder group.

In the six months ending March 31, AJ Bell increased retail customers by 7%, rising to 111,503.

Andy Bell, chief executive of AJ Bell said: “I am delighted to welcome the Woodford funds as AJ Bell shareholders and thrilled that Invesco is maintaining its significant holding. The investment from these blue-chip institutions signals the exciting opportunities that are emerging as savers and investors embrace pensions’ freedoms.

“In addition, 2015 will see us launch a free guided investment customer service under AJ Bell Youinvest that will target the needs of retail investors caught in limbo because they can’t afford the cost of advice but don’t feel fully able to self-manage their investments.”