AJ Bell reports growth in customers and assets under administration
AJ Bell has reported strong growth in customer numbers and assets under administration (AUA) for its first full year of trading since listing.
In a trading update issued this morning, the investment platform said customer numbers had increased 17 per cent during the year to 30 September, hitting 232,066, while total AUA rose 13 per cent to £52.3bn.
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“Our first full year trading update since the initial public offering demonstrates the resilience of our business model,” said chief executive Andy Bell.
The company said this growth was driven by its platform business. Customers on the investment manager’s platform increased 19 per cent to 218,169, and AUA on the platform rose 16 per cent to £44.9bn.
Net inflows were down over 11 per cent compared to the previous year at £3.9bn, as pension transfers halved.
“During periods of unsettled markets and political uncertainty customers have a greater need for established, trustworthy businesses offering high quality service, at low cost to meet their evolving investment needs,” said Bell.
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“This has enabled us to continue to add customers and assets to the platform.”
AJ Bell will be announcing its full-year results on 5 December.