REG - AJ Bell PLC - Q3 Trading Update
24/07/2025 07:00
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RNS Number : 3140S AJ Bell PLC 24 July 2025
24 July 2025
AJ Bell plc
Q3 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
30 June 2025.
Performance overview
Platform business
· Investment in our brand and propositions has driven excellent growth in
customers and net inflows
· Customer numbers increased by 27,000 in the quarter to close at 620,000, up
17% in the last year and 5% in the quarter
o Total advised customers of 180,000, up 7% in the last year and 2% in the
quarter
o Total D2C customers of 440,000, up 22% in the last year and 6% in the
quarter
· Assets under administration ("AUA") closed at £96.1 billion, up 15% over the
last year and 6% in the quarter
· Underlying gross and net inflows across the platform higher than prior year,
reflecting a continuation of the strong momentum reported in the previous
quarter
o Underlying gross inflows in the quarter of £4.0 billion (2024: £3.7
billion)
o Underlying net inflows in the quarter of £2.1 billion (2024: £1.7
billion)
· In addition, the D2C platform benefited from the migration of 2,000 customers
and £0.4 billion of AUA from the non-platform book as part of our exit from a
third-party SIPP administration arrangement, with those customers choosing AJ
Bell for their full platform service
· Favourable market movements of 4% of opening AUA in the quarter
· Trustpilot rating increased to 4.9-stars, emphasising our market-leading
customer service
AJ Bell Investments
· Assets under management ("AUM") increased to £8.1 billion, up 29% over the
last year and 8% in the quarter
· Net inflows in the quarter of £0.4 billion, in line with the prior year
(2024: £0.4 billion)
Non-platform business
· The sale of our Platinum SIPP and SSAS business remains on track
Michael Summersgill, Chief Executive Officer at AJ Bell, commented:
"I am pleased to report a quarter of record-breaking growth for the business,
with our dual-channel platform delivering our strongest ever quarterly net
inflows of £2.5 billion and attracting over 25,000 new customers. These
results underscore the strength of our low-cost, easy-to-use propositions
across both the Advised and D2C platform markets and the benefits of our
continued business investments. AJ Bell Investments also delivered another
strong quarter, with net inflows pushing assets under management beyond £8
billion - highlighting the appeal of our simple, low-cost investment
solutions.
"The quarter began with significant volatility across global equity markets,
during which we saw elevated levels of dealing activity, as many customers
took the opportunity to invest. Markets have since rebounded positively from
late April through June, and dealing activity has normalised towards the
long-term average levels seen earlier in the year. Throughout this period, we
remained focused on delivering exceptional customer service - reflected in our
Trustpilot rating reaching 4.9-stars, further reinforcing our market-leading
position.
"We were pleased to launch AJ Bell Touch, our simplified advised platform, at
the end of June. AJ Bell Touch will sit alongside our existing advised
platform offering, allowing advisers to service clients efficiently within a
streamlined, app-only customer proposition. This supports firms in broadening
their target market and addressing the significant advice gap in the UK.
"The business is a leading campaigner for reforms that help people to access
straightforward, low-cost investment products. Encouraging progress continues
to be made on the regulatory framework for Targeted Support, which promises to
provide customers who do not have access to financial advice with additional
help making investment decisions. Alongside simplification of the ISA system,
this could offer a powerful combination of measures, making it easier for
people to invest and reducing friction between saving and long-term
investment. We are encouraged that government continues to explore ISA reform
and have committed to a public awareness campaign on investing, presenting an
opportunity to help foster a stronger retail investing culture in the UK.
"We enter the final quarter with strong momentum which underpins our
confidence in the full year performance. Our dual-channel strategy, supported
by continued investment in our brand and propositions, positions us well to
capture further share in the fast-growing UK platform market."
Three months ended Advised Platform D2C Platform Total Platform Non-platform
30 June 2025 Total
Opening customers (k) 177 416 593 15 608
Closing customers (k) 180 440 620 13 633
AUA and AUM (£billion)
Opening AUA 57.1 33.3 90.4 5.8 96.2
Underlying inflows((1)) 1.7 2.3 4.0 0.1 4.1
Underlying outflows((2)) (1.1) (0.8) (1.9) (0.2) (2.1)
Underlying net inflows 0.6 1.5 2.1 (0.1) 2.0
Migration((3)) - 0.4 0.4 (0.4) -
Total net inflows 0.6 1.9 2.5 (0.5) 2.0
Market and other movements((4)) 1.3 1.9 3.2 0.1 3.3
Closing AUA 59.0 37.1 96.1 5.4 101.5
Closing AUM 4.1 2.3 6.4((5)) 1.7((6)) 8.1
Three months ended Advised Platform D2C Platform Total Platform Non-platform
30 June 2024 Total
Opening customers (k) 165 338 503 15 518
Closing customers (k) 168 360 528 15 543
AUA and AUM (£billion)
Opening AUA 53.4 26.9 80.3 5.5 85.8
Inflows((1)) 1.7 2.0 3.7 0.1 3.8
Outflows((2)) (1.2) (0.8) (2.0) (0.1) (2.1)
Net inflows 0.5 1.2 1.7 - 1.7
Market and other movements((4)) 1.0 0.7 1.7 0.1 1.8
Closing AUA 54.9 28.8 83.7 5.6 89.3
Closing AUM 3.4 1.7 5.1((5)) 1.2((6)) 6.3
( )
((1) Transfers-in, subscriptions, contributions and tax relief)
((2) Transfers-out, cash withdrawals, benefits and tax payments)
((3) Migration relates to the wind down of a White-label SIPP administration
agreement)
((4) Total investment returns and revaluations, net of charges and taxes)
((5) Platform AUA which is held in AJ Bell's Funds or Managed Portfolio
Service)
((6) 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 30 Qtr to 30 Qtr to 31 Qtr to 31 Qtr to 30
June September December March June
2024 2024 2024 2025 2025
Customers (k) 168 171 174 177 180
AUA and AUM (£billion)
Opening AUA 53.4 54.9 56.1 57.2 57.1
Inflows((1)) 1.7 1.6 1.7 1.8 1.7
Outflows((2)) (1.2) (1.1) (1.4) (1.3) (1.1)
Net inflows 0.5 0.5 0.3 0.5 0.6
Market and other movements((4))
1.0 0.7 0.8 (0.6) 1.3
Closing AUA 54.9 56.1 57.2 57.1 59.0
Closing AUM((5)) 3.4 3.5 3.7 3.8 4.1
D2C Platform Qtr to 30 Qtr to 30 Qtr to 31 Qtr to 31 Qtr to 30
June September December March June
2024 2024 2024 2025 2025
Customers (k) 360 371 387 416 440
AUA and AUM (£billion)
Opening AUA 26.9 28.8 30.4 32.3 33.3
Underlying inflows((1)) 2.0 1.7 1.9 2.2 2.3
Outflows((2)) (0.8) (0.7) (0.8) (0.8) (0.8)
Underlying net inflows 1.2 1.0 1.1 1.4 1.5
Migration((3)) - - - - 0.4
Total net inflows 1.2 1.0 1.1 1.4 1.9
Market and other movements((4))
0.7 0.6 0.8 (0.4) 1.9
Closing AUA 28.8 30.4 32.3 33.3 37.1
Closing AUM((5)) 1.7 1.9 1.9 2.0 2.3
Non-platform Qtr to 30 Qtr to 30 Qtr to 31 Qtr to 31 Qtr to 30
June September December March June
2024 2024 2024 2025 2025
Customers (k) 15 15 15 15 13
AUA and AUM (£billion)
Opening AUA 5.5 5.6 5.7 5.8 5.8
Inflows((1)) 0.1 0.1 0.1 - 0.1
Underlying outflows((2)) (0.1) (0.1) (0.1) (0.1) (0.2)
Underlying net outflows - - - (0.1) (0.1)
Migration((3)) - - - - (0.4)
Total net outflows - - - (0.1) (0.5)
0.1 0.1 0.1 0.1
Market and other movements((4))
0.1
Closing AUA 5.6 5.7 5.8 5.8 5.4
Closing AUM((6)) 1.2 1.4 1.6 1.7 1.7
Total closing AUA 89.3 92.2 95.3 96.2 101.5
Total closing AUM 6.3 6.8 7.2 7.5 8.1
( )
((1) Transfers-in, subscriptions, contributions and tax relief)
((2) Transfers-out, cash withdrawals, benefits and tax payments)
((3) Migration relates to the wind down of a White-label SIPP administration
agreement)
((4) Total investment returns and revaluations, net of charges and taxes)
((5) Platform AUA which is held in AJ Bell's Funds or Managed Portfolio
Service)
((6) 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 advised market, we also offer AJ Bell Touch, a simple, low cost
app-based advised platform that enables advisers to service customers through
a fully digital service model. In addition, we offer AJ Bell Custody
Solutions, providing flexible, white-labelled investment management solutions
tailored for advisers and wealth managers.
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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