AJ Bell reports platform net inflows of £4.2 billion, assets hit a record £70.9 billion

October 19, 2023

AJ Bell plc today issues a trading update in respect of its financial year ended 30 September 2023.

Performance overview

Platform business

	Customer numbers increased by 50,880 to close at 476,532, up 12% in the year, as AJ Bell’s dual-channel platform continued to deliver strong organic growth in both advised and D2C customers
	o Total advised customers increased by 13,885 to close at 159,256, up 10% in the yearo Total D2C customers increased by 36,995 to close at 317,276, up 13% in the year
	Robust asset flows across the platform against a challenging market backdrop
	o Gross inflows in the year of £9.3 billion (FY22: £10.1 billion)o Net inflows in the year of £4.2 billion (FY22: £5.8 billion)
	Record assets under administration (“AUA”) of £70.9 billion, up 11% in the year driven by the net inflows across the platform and favourable market movements of 4%

AJ Bell Investments

	Net inflows in the year of £1.65 billion, up 57% versus the prior year (FY22: £1.05 billion underlying net inflows)
	Assets under management (“AUM”) of £4.7 billion, up 68% in the year (FY22: £2.8 billion)

Michael Summersgill, Chief Executive Officer at AJ Bell, commented:

“I am pleased to report another year of continued organic growth for AJ Bell, with the number of customers using our platform increasing by over 50,000 thanks to our quality of service, exceptional value and easy-to-use products. Our dual-channel model, which serves the needs of both advised and DIY investors, once again demonstrated its strength as we delivered over £4 billion of net inflows onto our investment platform. This contributed to an 11% increase in platform assets under administration which ended the year at a record £70.9 billion.

Our investments business enjoyed another year of significant growth, fuelled by strong demand from advisers and customers for our straightforward and low-cost investment range. This drove net inflows of £1.65 billion, up 57% compared to the prior year. Combined with strong five-year investment performance, this has resulted in assets under management increasing by 68% in the year to close at £4.7 billion.

At an industry level, we continue to engage with Government on potential ISA reforms, with our focus being on simplifying the existing ISA landscape to make it easier for retail investors to navigate. We believe this will encourage a greater number of people to invest via ISAs which would benefit UK listed firms given the natural home bias exhibited by retail investors.

The long-term growth drivers of the investment platform market remain strong, and we look forward to announcing the annual results for what has been another successful year for AJ Bell in December.”

Notice of annual results

AJ Bell expects to announce its full results for the year ended 30 September 2023 on 7 December 2023.

Year ended 30 September 2023	Advised Platform	D2C Platform	Total Platform	Non-platform	Total

Opening customers	145,371	280,281	425,652	14,937	440,589
Closing customers	159,256	317,276	476,532	14,870	491,402

AUA and AUM (£billion)
Opening AUA	44.8	19.3	64.1	5.1	69.2

Inflows	5.0	4.3	9.3	0.2	9.5
Outflows	(3.1)	(2.0)	(5.1)	(0.3)	(5.4)
Net inflows/(outflows)	1.9	2.3	4.2	(0.1)	4.1

Market and other movements	1.5	1.1	2.6	0.2	2.8
Closing AUA	48.2	22.7	70.9	5.2	76.1

Closing AUM	2.5	1.3	3.8⁽⁴⁾	0.9⁽⁵⁾	4.7


Year ended 30 September 2022	Advised Platform	D2C Platform	Total Platform	Non-platform	Total

Opening customers	126,920	241,045	367,965	14,789	382,754
Closing customers	145,371	280,281	425,652	14,937	440,589

AUA and AUM (£billion)
Opening AUA	45.8	19.5	65.3	7.5	72.8

Inflows	6.2	3.9	10.1	0.2	10.3
Outflows	(2.9)	(1.4)	(4.3)	(2.2)	(6.5)
Net inflows/(outflows)	3.3	2.5	5.8	(2.0)	3.8

Market and other movements	(4.3)	(2.7)	(7.0)	(0.4)	(7.4)
Closing AUA	44.8	19.3	64.1	5.1	69.2

Closing AUM	1.7	1.0	2.7	0.1	2.8