Salford-based investment platform giant AJ Bell issued a trading update for the three months ended December 31, 2024, showing record assets under administration (AUA) of £89.5 billion, up 17% in the last year and 3% in the quarter.
Customer numbers increased by 19,000 to close at 561,000, up 16% in the last year and 4% in the quarter.
Net inflows in the quarter were £1.4 billion (2023: £1.3 billion).
At the group’s investments business, assets under management (AUM) rose to a record £7.2 billion, up 38% in the last year and 6% in the quarter.
AJ Bell CEO Michael Summersgill said: “I am pleased to report a strong start to the financial year as we continued to attract thousands of new customers and increased levels of assets, resulting in a record 561,000 platform customers and £89.5 billion of platform assets under administration.
“AJ Bell Investments continues to perform exceptionally well with quarterly net inflows of £0.4 billion resulting in total AUM surpassing £7 billion for the first time.
“During the quarter we continued to see the benefits of our dual-channel model and the high-quality propositions that we offer to both the advised and D2C market segments. Our D2C platform recorded increased net inflows of £1.1 billion, up 57% on the prior year.
“This strong performance was driven by continued improvements in our brand awareness and our highly competitive pricing, as well as elevated pension contributions in the run up to the October Budget.
“The strength of our advised platform is reflected in strong gross inflows of £1.7 billion, with net inflows of £0.3 billion having been impacted by elevated levels of pre-Budget pension withdrawals, as well as recent adviser consolidation.
“Ahead of the October Budget, speculation around the tax treatment of pensions caused a short-term behavioural change among retail investors, which normalised quickly once the content of the Budget became known.
“We believe that pension savers deserve more clarity when it comes to the tax treatment of their long-term retirement plans.
“As such, we continue to call for Government to commit to stability through a Pension Tax Lock, providing additional clarity around key features of the pension tax system.
“The strong start to the year positions us well as we approach the busy tax year end period. We remain focused on the significant long-term growth opportunity that exists in the platform market. Our dual-channel approach and continued investments into our propositions and brand mean we are well-placed to continue our strong growth.”