AJ Bell  

AJ Bell assets hit £70bn

AJ Bell assets hit £70bn

AJ Bell’s assets under administration have hit £70.4bn, having grown 8 per cent in the quarter to the end of June and 30 per cent over the past year.

Both the platform and investments business made gains in the quarter, with platform assets closing at £63.1bn, up 9 per cent, and AJ Bell Investments reaching £2bn, an increase of 43 per cent over the quarter.

Platform net inflows reached £2.1bn in the quarter, with advised net flows making up £1.1bn, and D2C £1bn.

Advised customers were up 4 per cent in Q3 to 122,757, while D2C customers were up 8 per cent to reach 230,542.

Andy Bell, chief executive officer at AJ Bell, said the introduction of simplified pension options was proving popular with advisers as it provided them with different price points and flexible investment options.

He added: “We also continue to see strong demand for our in-house investment solutions. There is growing awareness amongst financial advisers of the value and performance that our managed portfolio service is delivering to their clients and our multi-asset funds continue to prove popular with advisers and retail customers alike.

“Looking further ahead, the structural growth drivers for our sector remain strong and we are well placed to deliver further growth across our platform.”

AJ Bell had seen its pre-tax profits rise 39 per cent to £31.6m in the six months to the end of March, as it prepared the launch of an additional adviser platform due to go live to a small group of advisers at the end of this year.

The firm has now rebranded the recently acquired Adalpha platform to ‘Touch by AJ Bell’. The platform sits alongside AJ Bell's existing platform, AJ Bell Investcentre, and clients will be able to access both platforms. 

The launch of the new platform will be phased, starting with an Isa and GIA offering, with a pension and additional investment options to be added in future.

sally.hickey@ft.com