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DB transfers drive new business as AJ Bell reports growth

Emerging-Market-Growth-Growing-General-700x450.jpgDefined benefit pension transfers have helped push strong results for AJ Bell this year as the business prepares to float on the London Stock Exchange.

Full year trading results released today show the platform recorded £1.8bn of DB transfers in 2018.

This is down from £2.3bn in 2017 but still above previous years’ figures.

Assets under administration at the business increased 16 per cent to £46.1bn.

AJ Bell’s 2017 and 2016 AUA were £39.8bn and £31.8bn respectively.

Total customer numbers also grew in 2018, up 20 per cent to just under 198,000.

Bell says there is also continuing demand from advisers for the business’s platform services.

Customer numbers for its platform were up 30 per cent from 2017 to £5.9bn at 30 September this year.

Platform AUA is up 25 per cent to £38.6bn with net inflows of £5.9bn.

AJ Bell is planning to float around January after plans for an IPO were confirmed in March this year.

It was confirmed in September that advisers will not be eligible to become shareholders when the business floats.

Chief executive Andy Bell says: “We are progressing well with our plans for a main market listing on the London Stock Exchange at the end of the year or beginning of 2019. Whilst markets have become more volatile since the period end, our business model and market position remain fundamentally strong.”

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