Brexit certainty helps AJ Bell boost platform assets by 27 per cent
The end of the Brexit deadlock helped AJ Bell post a 27 per cent leap in its platform assets under administration (AUA), but underlying inflows for its advised platform were flat year on year at £800m.
Its investment platform saw a 27 per cent jump in AUA to £47.2bn, a rise AJ Bell credited to having more political certainty after Boris Johnson’s General Election triumph.
The investment house recorded a four per cent climb in customer numbers to 241,152 for the three months to 31 December. Meanwhile it boosted total assets under administration (AUA) up five per cent to £54.7m.
Underlying platform inflows, which represent organic growth over the quarter, increased to £1.3bn, £100m up year on year.
“Our investment platform continues to attract new customers and assets as we maintain our focus on being the easiest platform to use in order to help our customers to invest,” AJ Bell chief executive Andy Bell said.
“December saw the unlocking of the parliamentary deadlock, which boosted markets towards the end of the period.
“Whilst Brexit is by no means resolved, a majority government does at least provide some clearer direction which many investors will appreciate as they consider making the most of their ISA and pension allowances before the end of the tax year.”