Investment platform reports higher customer and AUA levels
AJ Bell, the Manchester-based investment platform, saw customer numbers and assets under administration (AUA) both rise in the three months ended December 31, 2019.
In a trading update today, ahead of the firm’s annual general meeting, it revealed that total customer numbers increased by four per cent to 241,152, with total assets under administration up five per cent to £54.7bn.
AJ Bell’s growth during the quarter was driven by the platform business. Customer numbers increased by 9,033 to 227,202, up four per cent in the quarter, while platform AUA increased by five per ent over the quarter to £47.2bn.
Advised platform AUA was up four per cent to £35.2bn, while the D2C (direct to consumer) platform AUA was up eight per cent to £12bn
Underlying platform inflows, representing organic growth in the quarter, increased to £1.3bn, compared with £1.2bn at the same stage last year.
Chief executive Andy Bell said: “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.
“December saw the unlocking of the Parliamentary deadlock, which boosted markets towards the end of the period.
“Combined with positive net inflows onto the platform, this helped our platform assets under administration increase to a new high of £47.2bn, up 27% compared to a year ago.”
He added: “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.”
