Assets under management at AJ Bell's platform business rose to £76.2bn in the last three months of 2023.
According to a trading update published this morning (January 18), this was a 15 per cent increase on the £66.3bn recorded in the same period in 2022 and a seven per cent increase in the quarter.
Customer numbers at AJ Bell’s platform business increased by 8,000 to 484,000 in the three months.
This is broken down as 161,000 advised customers and 323,000 direct-to-consumer customers.
Overall, its platform business saw net inflows of £1.3bn in the three months to December 2023, compared with £0.8bn in the same period in 2022.
Michael Summersgill, AJ Bell CEO, said: “As we look ahead, our platform will continue to appeal to both current and potential customers and advisers.
"We continue to invest in enhancing our propositions, with a strong focus on ease of use, whilst also investing in our pricing to ensure we continue to deliver great value to customers."
Elsewhere in the business assets under management in AJ Bell Investments were £5.2bn, an increase of 53 per cent on the previous year and 11 per cent in the quarter.
Ryan Hughes, interim Investments managing director at AJ Bell, said:“Hitting the £5bn milestone is a fantastic achievement and reflects the hard work that the team has put in since the launch of the business in 2016.
“The focus of our investment solutions for both the D2C and advisory market has always been to provide simple, transparent and low-cost investments that meet the needs of investors and that will continue.”
The business launched its first MPS under AJ Bell Investments in 2016, offering a passive investment portfolio to advisers and clients.
A range of core multi-asset funds were added in 2017, with funds designed for growth and income investors, as well as those seeking a responsible investment approach.
An active MPS was introduced in 2018, followed by the 2019 launch of a blended MPS offering exposure to both passive and active funds.
Then in November, the firm launched its Money Market MPS which has no annual management charge and includes access to money market funds and short duration bonds.
tara.o'connor@ft.com
What's your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
