AJ Bell assets jump as customers continue to flock to its platform business
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AJ Bell attracted a record number of customers to its platform in the second quarter, delivering a 35 per cent increase in its total assets.
In a trading update, AJ Bell said its total customer numbers increased 32 per cent over the last year to 346,797, with total net inflows of £1.5bn.
Its total assets under administration increased 35 per cent to £65.2bn.
AJ Bell’s platform business saw customer numbers grow by a record 34,223 in the second quarter, with advised customers up 14 per cent over the last year.
The platform’s inflows rose 13 per cent over the past year to £1.8bn, with both advised and D2C net inflows up £0.9bn. The platform’s assets closed up 38 per cent at £58bn.
“The run up to the recent tax year-end was our busiest ever, driving strong growth in customer numbers and assets under administration during our second quarter. Our easy-to-use, low-cost platform continues to perform well in both the financial adviser and direct-to-consumer markets,” chief executive Andy Bell said.
“Our adviser platform saw its largest ever quarterly increase in new customers. This is testimony to our award-winning proposition and the price advantage our customers enjoy compared to other major adviser platforms.”
AJ Bell’s investment business continued to have another strong quarter with net inflows soaring 132 per cent to £311m. Assets under management jumped to £1.4bn over the quarter.
” Our managed portfolio service is growing increasingly popular with financial advisers and our range of multi-asset funds is seeing strong inflows, with our Responsible Growth fund proving particularly popular,” Bell said.