AJ Bell platform inflows hit £1.8bn

AJ Bell platform inflows hit £1.8bn

AJ Bell's platform business saw a 13 per cent increase in net inflows for the three months to March 31, adding £1.8bn to its funds, though advised sales were steady.

AJ Bell saw advised net inflows of £0.9bn, in line with the prior year, while D2C flows, also at £0.9bn, were up 29 per cent on the same period last year.

Total platform assets under administration grew 5 per cent in the quarter to £58bn, an increase of 38 per cent compared with the same quarter in 2020.

The firm said it had seen a 64 per cent increase in customer numbers compared with the same period in 2020, growing by 34,223. 

Advised customers were up 14 per cent to 118,509, while D2C customers reached 213,767, up 48 per cent over the last year.

Andy Bell, chief executive officer at AJ Bell, said: “The run up to the recent tax year-end was our busiest ever, driving strong growth in customer numbers and assets under administration during our second quarter.

"Our easy-to-use, low-cost platform continues to perform well in both the financial adviser and direct-to-consumer markets.

“Our adviser platform saw its largest ever quarterly increase in new customers. This is testimony to our award-winning proposition and the price advantage our customers enjoy compared to other major adviser platforms."

The group’s assets under administration have now surpassed £65bn, following an increase of 35 per cent over the last year.

AJ Bell Investments posted a 132 per cent increase in net inflows compared with 2020, at £311m.

Assets under management rose to £1.4bn, an increase of 180 per cent over the last year and 40 per cent over the quarter.