Shares of Manchester-based investment firm AJ Bell slipped about 2.5% on Friday after it said Invesco Asset Management Limited sold 38 million shares in AJ Bell — about 9.3% of the firm — at 380p per share to raise £144.4 million.

“Following completion of the placing, Invesco will hold 65,584,970 ordinary shares in AJ Bell, representing approximately 16.1% of the AJ Bell’s issued share capital,” said AJ Bell on Friday.

Numis is acting as sole bookrunner for the placing.

On Thursday, AJ Bell said: “Invesco has been a longstanding investor in AJ Bell and has indicated that, following completion of the placing, it intends to remain a significant, long term shareholder of the company.

“At the time of the initial public offering of ordinary shares in AJ Bell, which admitted to trading on 12 December, 2018, Invesco entered into a 180 day lock-in with Numis, who has consented to the placing and in doing so has agreed to waive that lock-in with respect to all of the ordinary shares in AJ Bell held by Invesco.”