New investors flock to AJ Bell as platform hits £70bn assets under management
AJ Bell continued to attract a substantial amount of new customers to its platform in the third quarter, delivering a 30 per cent increase in its total assets.
In a trading update, AJ Bell said its total assets under administration for the three months ended June 30 rose to £70.4bn, a 30 per cent rise compared with the same period last year, and up 8 per cent from the previous quarter.
The investment platform said total customer numbers rose to 368,033, an increase of 30 per cent on the same period last year and up 6 per cent on the previous quarter. Net inflows hit £1.8bn, up 40 per cent from £1.2bn in the same period last year.
AJ Bell’s investment business also performed well, with assets under management reaching the £2bn milestone just six months after passing £1bn.
“In the D2C market our growing brand awareness, award winning platform and competitive charges have driven customer growth […],” said chief executive Andy Bell.
“More people are seeking the security and peace of mind that a diversified investment portfolio held on a trusted platform can give them. We are seeing the majority of new customers invest via tax efficient ISAs and pensions as they take control of their financial future.
“Looking further ahead, the structural growth drivers for our sector remain strong and we are well placed to deliver further growth across our platform,” he added.