AJ Bell’s platform business has helped drive the company’s growth which saw it break through the £50bn assets under administration mark in the three months ended 30 June 2019.
Total AUA stands at £50.7bn, an increase of 6 per cent over the quarter and 13 per cent over the past year.
Of that, £43.4bn is held on the company’s platform, which was up 7 per cent in the quarter.
In a Q3 trading update today AJ Bell reported its overall customer numbers increased 5 per cent during the period to 224,644.
Its platform business welcomed an additional 9,843 customers taking the number to 210,765, which was also up 5 per cent during the quarter.
AJ Bell says platform AUA was boosted by a combination of underlying net inflows of £1.0bn, defined benefit pension transfers of £0.2bn and favourable market movements of £1.6bn
In comparison, the FTSE All-Share index increased by 2 per cent over the quarter and fell by 3.5 per cent over the year, according to the company.
AJ Bell chief executive Andy Bell says: “Trading in the third quarter of our financial year remained strong across our advised and direct to consumer platform. We continue to focus on the needs of advisers and customers, making it as easy as possible for them to invest and this has resulted in assets under administration breaking through the £50 bn mark.
“People need to save more via their pensions and ISAs for the long term and our platform and investment solutions help them do that easily and cost effectively.”
AJ Bell was among the big winners at the Money Marketing Awards last month as it walked away with three gongs – Best Platform, Best Sipp Provider and Company of the Year.