REG - AJ Bell PLC - Q1 Trading Update
29/01/2025 07:00
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RNS Number : 0293V AJ Bell PLC 29 January 2025
29 January 2025
AJ Bell plc
Q1 trading update
AJ Bell plc ("AJ Bell" or the "Company"), one of the UK's largest investment
platforms, today issues a trading update in respect of the three months ended
31 December 2024.
Performance overview
Platform business
· Customer numbers increased by 19,000 to close at 561,000, up 16% in the last
year and 4% in the quarter
o Total advised customers of 174,000, up 8% in the last year and 2% in the
quarter
o Total D2C customers of 387,000, up 20% in the last year and 4% in the
quarter
· Record assets under administration ("AUA") of £89.5 billion, up 17% in the
last year and 3% in the quarter
· A year-on-year increase in gross and net inflows across the platform
o Gross inflows in the quarter of £3.6 billion (2023: £2.7 billion)
o Net inflows in the quarter of £1.4 billion (2023: £1.3 billion)
· Favourable market movements of 2% of opening AUA
AJ Bell Investments
· Assets under management ("AUM") of £7.2 billion, up 38% in the last year and
6% in the quarter
· Net inflows in the quarter of £0.4 billion, in line with the prior year
(2023: £0.4 billion)
Michael Summersgill, Chief Executive Officer at AJ Bell, commented:
"I am pleased to report a strong start to the financial year as we continued
to attract thousands of new customers and increased levels of assets,
resulting in a record 561,000 platform customers and £89.5 billion of
platform assets under administration. AJ Bell Investments continues to perform
exceptionally well with quarterly net inflows of £0.4 billion resulting in
total AUM surpassing £7 billion for the first time.
"During the quarter we continued to see the benefits of our dual-channel model
and the high-quality propositions that we offer to both the advised and D2C
market segments. Our D2C platform recorded increased net inflows of £1.1
billion, up 57% on the prior year. This strong performance was driven by
continued improvements in our brand awareness and our highly competitive
pricing, as well as elevated pension contributions in the run up to the
October Budget. The strength of our advised platform is reflected in strong
gross inflows of £1.7 billion, with net inflows of £0.3 billion having been
impacted by elevated levels of pre-Budget pension withdrawals, as well as
recent adviser consolidation.
"Ahead of the October Budget, speculation around the tax treatment of pensions
caused a short-term behavioural change among retail investors, which
normalised quickly once the content of the Budget became known. We believe
that pension savers deserve more clarity when it comes to the tax treatment of
their long-term retirement plans. As such, we continue to call for Government
to commit to stability through a Pension Tax Lock, providing additional
clarity around key features of the pension tax system.
"The strong start to the year positions us well as we approach the busy tax
year end period. We remain focused on the significant long-term growth
opportunity that exists in the platform market. Our dual-channel approach and
continued investments into our propositions and brand mean we are well-placed
to continue our strong growth."
Three months ended Advised Platform D2C Platform Total Platform Non-platform
31 December 2024 Total
Opening customers (k) 171 371 542 15 557
Closing customers (k) 174 387 561 15 576
AUA and AUM (£billion)
Opening AUA 56.1 30.4 86.5 5.7 92.2
Inflows((1)) 1.7 1.9 3.6 0.1 3.7
Outflows((2)) (1.4) (0.8) (2.2) (0.1) (2.3)
Net inflows 0.3 1.1 1.4 - 1.4
Market and other movements((3)) 0.8 0.8 1.6 0.1 1.7
Closing AUA 57.2 32.3 89.5 5.8 95.3
Closing AUM 3.7 1.9 5.6((4)) 1.6((5)) 7.2
Three months ended Advised Platform D2C Platform Total Platform Non-platform
31 December 2023 Total
Opening customers (k) 159 317 476 15 491
Closing customers (k) 161 323 484 15 499
AUA and AUM (£billion)
Opening AUA 48.2 22.7 70.9 5.2 76.1
Inflows((1)) 1.5 1.2 2.7 - 2.7
Outflows((2)) (0.9) (0.5) (1.4) - (1.4)
Net inflows 0.6 0.7 1.3 - 1.3
Market and other movements((3)) 2.2 1.8 4.0 0.2 4.2
Closing AUA 51.0 25.2 76.2 5.4 81.6
Closing AUM 2.8 1.4 4.2((4)) 1.0((5)) 5.2
( )
((1) Transfers-in, subscriptions, contributions and tax relief)
((2) Transfers-out, cash withdrawals, benefits and tax payments)
((3) Total investment returns and revaluations, net of charges and taxes)
((4) Platform AUA which is held in AJ Bell's Funds or Managed Portfolio
Service)
((5) Assets which are held in AJ Bell's Funds or Managed Portfolio Service via
third-party platforms)
( )
Contacts:
AJ Bell
· Mark Coxhead, Head of Investor Relations +44 (0) 7761 513 512
· Mike Glenister, Head of PR +44 (0) 7719 554 575
Historical customer numbers, AUA and AUM by quarter
Advised Platform Qtr to 31 Qtr to 31 Qtr to 30 Qtr to 30 Qtr to 31
December March June September December
2023 2024 2024 2024 2024
Customers (k) 161 165 168 171 174
AUA and AUM (£billion)
Opening AUA 48.2 51.0 53.4 54.9 56.1
Inflows((1)) 1.5 1.7 1.7 1.6 1.7
Outflows((2)) (0.9) (1.1) (1.2) (1.1) (1.4)
Net inflows 0.6 0.6 0.5 0.5 0.3
Market and other movements((3))
2.2 1.8 1.0 0.7 0.8
Closing AUA 51.0 53.4 54.9 56.1 57.2
Closing AUM((4)) 2.8 3.2 3.4 3.5 3.7
D2C Platform Qtr to 31 Qtr to 31 Qtr to 30 Qtr to 30 Qtr to 31
December March June September December
2023 2024 2024 2024 2024
Customers (k) 323 338 360 371 387
AUA and AUM (£billion)
Opening AUA 22.7 25.2 26.9 28.8 30.4
Inflows((1)) 1.2 1.7 2.0 1.7 1.9
Outflows((2)) (0.5) (0.7) (0.8) (0.7) (0.8)
Net inflows 0.7 1.0 1.2 1.0 1.1
Market and other movements((3))
1.8 0.7 0.7 0.6 0.8
Closing AUA 25.2 26.9 28.8 30.4 32.3
Closing AUM((4)) 1.4 1.5 1.7 1.9 1.9
Non-platform Qtr to 31 Qtr to 31 Qtr to 30 Qtr to 30 Qtr to 31
December March June September December
2023 2024 2024 2024 2024
Customers (k) 15 15 15 15 15
AUA and AUM (£billion)
Opening AUA 5.2 5.4 5.5 5.6 5.7
Inflows((1)) - 0.1 0.1 0.1 0.1
Outflows((2)) - (0.1) (0.1) (0.1) (0.1)
Net inflows - - - - -
Market and other movements((3))
0.2 0.1 0.1 0.1 0.1
Closing AUA 5.4 5.5 5.6 5.7 5.8
Closing AUM((5)) 1.0 1.1 1.2 1.4 1.6
Total closing AUA 81.6 85.8 89.3 92.2 95.3
Total closing AUM 5.2 5.8 6.3 6.8 7.2
( )
((1) Transfers-in, subscriptions, contributions and tax relief)
((2) Transfers-out, cash withdrawals, benefits and tax payments)
((3) Total investment returns and revaluations, net of charges and taxes)
((4) Platform AUA which is held in AJ Bell's Funds or Managed Portfolio
Service)
((5) Assets which are held in AJ Bell's Funds or Managed Portfolio Service via
third-party platforms)
About AJ Bell:
Established in 1995, AJ Bell is one of the largest investment platforms in the
UK, operating at scale in both the advised and direct-to-consumer markets.
Our purpose is to help people invest by providing them with easy access to
Pensions, ISAs and General investment accounts, great customer service and
competitive charges.
Our two core platform propositions are AJ Bell in the D2C market and AJ Bell
Investcentre in the advised market, which both provide access to a broad
investment range including shares and other instruments traded on the major
stock exchanges around the world, as well as all mainstream collective
investments available in the UK and our own range of AJ Bell funds.
In the D2C market we also offer AJ Bell Dodl, a low-cost investment app with a
simplified investment range that makes it easier for customers to choose
investments and buy and sell them without paying any commission.
For D2C cash savers we offer a Cash savings hub which provides access to a
range of competitive savings accounts to help people manage their long-term
cash deposits.
AJ Bell is headquartered in Manchester, UK, with offices in London and
Bristol.
Forward-looking statements
This announcement contains forward-looking statements that involve substantial
risks and uncertainties, and actual results and developments may differ
materially from those expressed or implied by these statements. These
forward-looking statements are statements regarding AJ Bell's intentions,
beliefs or current expectations concerning, among other things, its results of
operations, financial condition, prospects, growth, strategies, and the
industry in which it operates. By their nature, forward-looking statements
involve risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. These forward-looking
statements speak only as of the date of this announcement and AJ Bell does not
undertake any obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after the date
of this announcement.
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