AJ Bell platform assets hit record £76.2bn as inflows soar 62%
Michael Summersgill (pictured) is CEO of AJ Bell.
In a trading statement covering the final quarter of 2023 published today (18 January), the firm said its platform business recorded net inflows of £1.3bn, up from about £800m last year.
This contributed to a significant rise in assets under administration — 15% over the last year and 7% in the quarter — to a record £76.2bn.
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The platform also saw an increase in customer numbers by 8,000 to 484,000 — up 12% over the year and 2% in the quarter, comprising 323,000 D2C customers — a 13% annual and 2% quarterly increase — and 161,000 advised customers, marking an 8% and 1% rise for the year and quarter, respectively.
AJ Bell's investment business also enjoyed a positive quarter, with AUM hitting £5.2bn. This was more than double (52%) than last year and an 11% rise in the quarter. Net inflows in the investment division, however, remained at around £400m, the same level as last year.
Ryan Hughes, interim investments managing director at AJ Bell, said hitting the £5bn milestone for the investment business was a «fantastic achievement» since launching the business in 2016.
«I am particularly proud we have been able to drive down the cost of our investment solutions as our assets have grown, passing the benefit of that scale back to customers,» he added. «That is something we are committed to doing as we continue to grow, delivering exceptional value for our customers.»
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AJ Bell chief executive Michael Summersgill said the net inflows attracted during the quarter were higher than in any individual quarter of the financial year to 30 September
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