AJ Bell rises on annual AuM increase

FTSE 250 investment platform provider AJ Bell (LON:AJP) has seen its share price rise by 2.16% to 379p (as of 15:20 BST) as customer numbers rose by 17% across the year ended 30th September. Total assets under management were up by 13% and underlying inflows were also up slightly.

CEO Andy Bell commented: “Our first full year trading update since the IPO demonstrates the resilience of our business model. During periods of unsettled markets and political uncertainty customers have a greater need for established, trustworthy businesses offering high quality service, at low cost to meet their evolving investment needs. This has enabled us to continue to add customers and assets to the platform.

“Platform customer numbers continued to grow strongly, up 19% over the year and platform assets under administration increased 16%, despite a 2% fall in the FTSE All-Share. Underlying platform inflows remained robust at £5.4 billion and transfers from defined benefit pensions added a further £0.9 billion.

“The long-term growth drivers of the platform market remain strong with customers increasingly looking to take control of their long-term savings with flexible, low-cost, online solutions. This, coupled with our strong customer retention rate, positions us well to achieve our organic growth ambitions“.