AJ Bell posts record platform AUA as customer numbers jump

(Sharecast News) - AJ Bell reported record platform assets under administration on Thursday amid record growth in customer numbers. In an update for the year to September end, AJ Bell said platform AUA rose 22% to £126bn, with customer numbers up 24% to close at 796,000. Total advised customers rose 6% to 194,000, while D2C customers increased 30% to 602,000.

AJ Bell hailed record gross and net inflows across the platform. Gross inflows were up 36% on the prior year to £21.5bn, while net inflows rose 37% to £9.7bn.

Assets under management in the investment business hit a record level, rising 36% to £12.1bn. AJ Bell said investment solutions continued to attract strong flows in both the advised and D2C markets, with record net inflows of £1.9bn, up from £1.3bn a year earlier.

Chief executive Michael Summersgill said customer growth of more than 150,000 during the year reflects "the strong appeal of our low-cost, trusted platform and market-leading customer service".

He continued: "At the start of the year, we outlined our intention to accelerate growth through increased investment in brand, marketing and platform propositions. Record growth during the year provides clear evidence of the success of that approach, as we continued to attract high-quality customers who are long-term investors with significant potential to grow their assets over time.

"Our highly scalable business model enables us to benefit from underlying operational gearing and reinvest the benefits of scale, driving growth and long-term value. As we enter the new financial year, we are continuing to invest in the business to further strengthen our position in the fast-growing platform market.

"Our long-term growth opportunity remains significant, with the structural drivers supporting the platform market firmly in place. We look forward to announcing our annual results in December for what has been another successful year."

At 1010 BST, the shares were 0.2% higher at 587.50p.

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