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AJ Bell's AuA grow 30% as customer numbers rise

By BFN News | 09:44 AM | Thursday 22 July, 2021

AJ Bell's total assets under administration increased 30% to £70.4 billion over the past year and 8% during the last quarter. Total customer numbers increased to 368,033, up 30% over the past year and 6% in the quarter, with total net inflows in the quarter of £1.8 billion In the three months to the end of June 2021, AJ Bell's platform business saw continued organic growth in customer numbers, net inflows and AUA Total platform customers grew by 21,023 in the quarter to close at 353,299, up 32% over the last year and 6% in the quarter, while advised customers stood at 122,757, up 15% over the last year and 4% in the quarter. Direct to consumer customers were up 42% over the past year and 8% in the quarter at 230,542, while platform net inflows increased by 40% over the prior year to £2.1 billion. Advised net inflows were £1.1 billion in the quarter, up 57% on the prior year and direct to consumer net inflows were £1.0 billion in the quarter. Platform AUA closed at £63.1 billion, up 32% over the last year and 9% in the quarter Assets under management for AJ Bell Investments increased to £2.0 billion, up 186% over the last year and 43% in the quarter, and total net inflows in the quarter were £524 million, including a one-off inflow of £253m Underlying net inflows in the quarter were £271 million, up 115% on the prior year. Andy Bell, chief executive officer at AJ Bell, said: 'In the D2C market our growing brand awareness, award winning platform and competitive charges have driven customer growth of 42% over the past year. More people are seeking the security and peace of mind that a diversified investment portfolio held on a trusted platform can give them. We are seeing the majority of new customers invest via tax efficient ISAs and pensions as they take control of their financial future. 'In the advised market, third quarter platform inflows were up 57% compared to the prior year. The introduction of simplified pension options is proving particularly popular with advisers as it provides them with different price points and flexible investment options to cater for a diverse range of client needs.' He added that there has also been strong demand for its 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,' he said. 'As we head into the final quarter of our financial year, we remain focused on providing an excellent service to our customers and continuing to support our people as we navigate the current wave of the pandemic. Looking further ahead, the structural growth drivers for our sector remain strong and we are well placed to deliver further growth across our platform.' Story provided by

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