AJ Bell client assets surpass GBP100 million but warns on UK budget

(Alliance News) - AJ Bell PLC on Thursday hailed passing GBP100 billion in assets for the first time, as new customers flocked to the trading platform.

The Manchester, England-based retail investment platform operator reported record platform assets under administration of GBP103.3 billion at September 30, up 19% year-on-year, as total customers rose 19%, or by 102,000, to 644,000.

Chief Executive Officer Michael Summersgill called it a "significant milestone".

Advised customers increased 6% to 182,000 in the financial year ending September from the year prior, while direct-to-consumer customers jumped 25% to 462,000.

Platform underlying net inflows totalled GBP7.1 billion for the financial year, up 16% from GBP6.1 billion the year before, with gross inflows rising 21% to GBP15.8 billion from GBP13.3 billion.

AJ Bell Investments assets under management grew 31% to GBP8.9 billion from GBP6.8 billion, though net inflows of GBP1.3 billion were down from GBP1.5 billion.

On its direct-to-consumer business, CEO Summersgill noted record gross inflows were offset by heightened outflows, driven by elevated pension lump sum withdrawals and adviser consolidation.

He said uncertainty around UK government tax policy, ahead of the budget, "continues to cause disruption" and "creates damaging uncertainty for customers and advisers".

Reports have suggested the UK government may lower the tax free lump sum that can be taken from personal pensions in November's budget.

Shares in AJ Bell were down 3.5% at 536.00 pence each in London on Thursday.

By Jeremy Cutler, Alliance News reporter

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