AJ Bell assets rise 11% to record £70.9bn

AJ Bell plc, the Salford-based investment platform giant, said its customer numbers increased 12% to 476,532 as its assets under administration (AUA) rose 11% to a record £70.9 billion in the year to September 30, 2023.

In a trading update, AJ Bell said net inflows for the year were £4.2 billion (FY22: £5.8 billion).

At the group’s AJ Bell Investments business, net inflows in the year were £1.65 billion, up 57% versus the prior year, taking assets under management to £4.7 billion, up 68%.

AJ Bell CEO Michael Summersgill said: “I am pleased to report another year of continued organic growth for AJ Bell, with the number of customers using our platform increasing by over 50,000 thanks to our quality of service, exceptional value and easy-to-use products.

“Our dual-channel model, which serves the needs of both advised and DIY investors, once again demonstrated its strength as we delivered over £4 billion of net inflows onto our investment platform.

“This contributed to an 11% increase in platform assets under administration which ended the year at a record £70.9 billion.

“Our investments business enjoyed another year of significant growth, fuelled by strong demand from advisers and customers for our straightforward and low-cost investment range.

“This drove net inflows of £1.65 billion, up 57% compared to the prior year. Combined with strong five-year investment performance, this has resulted in assets under management increasing by 68% in the year to close at £4.7 billion.

“At an industry level, we continue to engage with Government on potential ISA reforms, with our focus being on simplifying the existing ISA landscape to make it easier for retail investors to navigate.

“We believe this will encourage a greater number of people to invest via ISAs which would benefit UK listed firms given the natural home bias exhibited by retail investors.

“The long-term growth drivers of the investment platform market remain strong, and we look forward to announcing the annual results for what has been another successful year for AJ Bell in December.”