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DB transfer inflows at AJ Bell half over 12 months

AJ Bell has seen inflows from defined benefit transfers continue to tail off, but has reported another quarter of growth in overall platform assets.

The advised and direct-to-consumer provider says in an update this morning that platform assets grew 9 per cent in the three months to 31 March, passing £40bn.

“Favourable market movements” made up the bulk of the increase, contributing £2.3bn of new inflows, compared with £800m in underlying flows and £200m in new DB transfer money.

Compared with the same period last year, DB inflows were £300m down on the quarter – a drop of more than 50 per cent.

The DB transfer inflows were confined only to AJ Bell’s advised platform.

AJ Bell says that the drop in DB transfer business is “in line with industry trends and the expectations set out in the company’s Q1 trading update in January 2019”.

AJ Bell chief executive Andy Bell says trading “remained robust despite continued weak investor sentiment”.

The growth in underlying inflows was split equally between AJ Bell’s advised and non-advised propositions, with £400m coming into each segment.

However, in terms of AUA, its advised platform continues to dominate, contributing £31bn of the £41bn total.

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  1. Should the heading not read DB transfer inflows at AJ Bell halve over 12 months?

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