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AJ Bell float planned for coming months

AJ Bell float planned for coming months

AJ Bell will float on the London Stock Exchange at the end of this year or early in 2019.

In the company's latest results statement, its chief executive Andy Bell said: "Whilst markets have become more volatile since the period end, our business model and market position remain fundamentally strong.

"We are progressing well with our plans for a main market listing on the London Stock Exchange at the end of the year or beginning of 2019."

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In its results for the year to the end of September 2018, AJ Bell reported its assets under administration had grown to £46.1bn, an increase of 16 per cent on the previous year.

Meanwhile assets on AJ Bell's platform grew by 25 per cent to £38.6bn.

The company said it had 197,912 customers, an increase of 20 per cent, of which 183,213 were platform customers.

AJ Bell said platform inflows were in line with expectations and pension transfers continued to be a source of growth but the volume of such business, while still higher than before 2017, was below the peak set towards the end of that year.

Mr Bell said: "The two key structural drivers of our business, assets under administration and customer numbers, grew strongly during our latest financial year.

"Our core platform business continued to drive our growth, with net inflows of £5.9bn in the period and growth of 25 per cent in [assets]. Momentum is strong across both the advised and direct-to-consumer markets.

"In the advised market we continued to attract new business from financial advisers looking for a stable, cost-effective platform with high quality service to support their business."

 david.thorpe@ft.com