TIDMAJB
RNS Number : 2252W
AJ Bell PLC
22 April 2021
22 April 2021
AJ Bell plc
Q2 trading update
AJ Bell plc ("AJ Bell" or the "Company"), one of the UK's
largest investment platforms, today issues a trading update in
respect of the three months ended 31 March 2021.
Performance overview
Total customer numbers increased to 346,797, up 32% over the
last year and 11% in the quarter, with total net inflows in the
quarter of GBP1.5 billion (2020: GBP1.3 billion).
Total assets under administration ("AUA") increased to GBP65.2
billion, up 35% over the last year and 4% in the quarter.
Platform business
AJ Bell's platform business saw continued organic growth in
customer numbers, net inflows and AUA:
-- Platform customer numbers grew by a record 34,223 in the quarter,
an increase of 64% compared to the second quarter of the prior
year (2020: 20,872)
-- Total platform customers closed at 332,276, up 34% over the last
year and 11% in the quarter
o Advised customers of 118,509, up 14% over the last year and
6% in the quarter
o D2C customers of 213,767, up 48% over the last year and 15%
in the quarter
-- Platform net inflows increased by 13% over the prior year to
GBP1.8 billion (2020: GBP1.6 billion)
o Advised net inflows of GBP0.9 billion, in line with the prior
year (2020: GBP0.9 billion)
o D2C net inflows of GBP0.9 billion, up 29% on the prior year
(2020: GBP0.7 billion)
-- Platform AUA closed at GBP58.0 billion, up 38% over the last
year and 5% in the quarter
AJ Bell Investments
-- Net inflows in the quarter were GBP311 million, up 132% on the
prior year (2020: GBP134 million)
-- Assets under management ("AUM") increased to GBP1.4 billion, up
180% over the last year and 40% in the quarter
Andy Bell, Chief Executive Officer at AJ Bell, commented:
"The run up to the recent tax year-end was our busiest ever,
driving strong growth in customer numbers and assets under
administration during our second quarter. Our easy-to-use, low-cost
platform continues to perform well in both the financial adviser
and direct-to-consumer markets.
"Our adviser platform saw its largest ever quarterly increase in
new customers. This is testimony to our award-winning proposition
and the price advantage our customers enjoy compared to other major
adviser platforms.
"Our direct-to-consumer platform saw record growth in customer
numbers and inflows in the quarter. We continue to see growing
numbers of younger people joining the platform as they look to take
control of their long-term financial future via pensions and ISAs.
Our new and existing customers continue to consolidate existing
investments onto our platform, meaning we are growing quickly
whilst maintaining a high average customer portfolio of
GBP79,000.
"Our investment business also had another strong quarter, with
both advisers and customers recognising the value and performance
our low-cost investment solutions are delivering. Our managed
portfolio service is growing increasingly popular with financial
advisers and our range of multi-asset funds is seeing strong
inflows, with our Responsible Growth fund proving particularly
popular.
"Our assets under administration surpassed GBP65 billion for the
first time and momentum remains strong going into the second half
of our financial year."
Notice of interim results
AJ Bell expects to announce its full results for the six months
ended 31 March 2021 on 27 May 2021.
Three months ended Advised D2C Platform Total Non-platform Total
31 March 2021 Platform Platform
Opening customers 112,308 185,745 298,053 14,256 312,309
Closing customers 118,509 213,767 332,276 14,521 346,797
AUA and AUM (GBPbillion)
------------------------------- ---------- ------------- ---------- ------------- --------
Opening AUA 39.7 15.5 55.2 7.3 62.5
------------------------------- ---------- ------------- ---------- ------------- --------
Inflows(1) 1.5 1.3 2.8 - 2.8
Outflows(2) (0.6) (0.4) (1.0) (0.3) (1.3)
------------------------------- ---------- ------------- ---------- ------------- --------
Net inflows 0.9 0.9 1.8 (0.3) 1.5
------------------------------- ---------- ------------- ---------- ------------- --------
Market and other movements(3) 0.5 0.5 1.0 0.2 1.2
------------------------------- ---------- ------------- ---------- ------------- --------
Closing AUA 41.1 16.9 58.0 7.2 65.2
------------------------------- ---------- ------------- ---------- ------------- --------
Closing AUM 0.8 0.6 1.4 (4) - 1.4
Three months ended Advised D2C Platform Total Non-platform Total
31 March 2020 Platform Platform
Opening customers 100,170 127,032 227,202 13,950 241,152
Closing customers 103,974 144,100 248,074 14,105 262,179
AUA and AUM (GBPbillion)
------------------------------- ---------- ------------- ---------- ------------- --------
Opening AUA 35.2 12.0 47.2 7.5 54.7
------------------------------- ---------- ------------- ---------- ------------- --------
Inflows(1) 1.4 0.9 2.3 - 2.3
Outflows(2) (0.5) (0.2) (0.7) (0.3) (1.0)
------------------------------- ---------- ------------- ---------- ------------- --------
Net inflows/(outflows) 0.9 0.7 1.6 (0.3) 1.3
------------------------------- ---------- ------------- ---------- ------------- --------
Market and other movements(3) (4.7) (2.1) (6.8) (0.9) (7.7)
------------------------------- ---------- ------------- ---------- ------------- --------
Closing AUA 31.4 10.6 42.0 6.3 48.3
------------------------------- ---------- ------------- ---------- ------------- --------
Closing AUM 0.3 0.2 0.5 (4) - 0.5
(1) Transfers-in, subscriptions, contributions and tax
relief
(2) T (ransfers-out, cash withdrawals, benefits and tax
payments)
(3) Total i (nvestment returns and revaluations, net of charges
and taxes)
(4) Platform AUA which is held in AJ Bell's Funds or Managed
Portfolio Service
Contacts:
AJ Bell
-- Shaun Yates, Head of Investor Relations +44 (0) 7522 235
898
-- Charlie Musson, Head of PR +44 (0) 7834 499 554
Historical customer numbers, AUA and AUM by quarter
Advised Platform Qtr to Qtr to Qtr to Qtr to Qtr to
31 30 30 31 31
March June September December March
2020 2020 2020 2020 2021
Customers 103,974 106,335 108,911 112,308 118,509
AUA and AUM (GBPbillion)
-------------------------- -------- -------- ----------- ---------- --------
Opening AUA 35.2 31.4 35.2 36.3 39.7
-------------------------- -------- -------- ----------- ---------- --------
Inflows(1) 1.4 1.0 1.0 1.3 1.5
Outflows(2) (0.5) (0.3) (0.4) (0.5) (0.6)
-------------------------- -------- -------- ----------- ---------- --------
Net inflows 0.9 0.7 0.6 0.8 0.9
-------------------------- -------- -------- ----------- ---------- --------
Market and other
movements(3) (4.7) 3.1 0.5 2.6 0.5
Closing AUA 31.4 35.2 36.3 39.7 41.1
-------- -------- ----------- ----------
Closing AUM(4) 0.3 0.4 0.4 0.6 0.8
D2C Platform Qtr to Qtr to Qtr to Qtr to Qtr to
31 30 30 31 31
March June September December March
2020 2020 2020 2020 2021
Customers 144,100 162,109 172,183 185,745 213,767
AUA and AUM (GBPbillion)
-------------------------- -------- -------- ----------- ---------- --------
Opening AUA 12.0 10.6 12.5 13.4 15.5
-------------------------- -------- -------- ----------- ---------- --------
Inflows(1) 0.9 1.0 0.6 0.9 1.3
Outflows(2) (0.2) (0.2) (0.3) (0.2) (0.4)
-------------------------- -------- -------- ----------- ---------- --------
Net inflows 0.7 0.8 0.3 0.7 0.9
-------------------------- -------- -------- ----------- ---------- --------
Market and other
movements(3) (2.1) 1.1 0.6 1.4 0.5
-------------------------- -------- -------- ----------- ---------- --------
Closing AUA 10.6 12.5 13.4 15.5 16.9
-------------------------- -------- -------- ----------- ---------- --------
Closing AUM(4) 0.2 0.3 0.4 0.4 0.6
Non-platform Qtr to Qtr to Qtr to Qtr to Qtr to
31 30 30 31 31
March June September December March
2020 2020 2020 2020 2021
Customers 14,105 14,175 14,211 14,256 14,521
AUA (GBPbillion)
------------------------ -------- ------- ----------- ---------- -------
Opening AUA 7.5 6.3 6.6 6.8 7.3
------------------------ -------- ------- ----------- ---------- -------
Inflows(1) - - 0.1 0.1 -
Outflows(2) (0.3) (0.3) (0.1) - (0.3)
------------------------ -------- ------- ----------- ---------- -------
Net (outflows)/inflows (0.3) (0.3) - 0.1 (0.3)
------------------------ -------- ------- ----------- ---------- -------
Market and other
movements(3) (0.9) 0.6 0.2 0.4 0.2
------------------------ -------- ------- ----------- ---------- -------
Closing AUA 6.3 6.6 6.8 7.3 7.2
------------------------ -------- ------- ----------- ---------- -------
Total closing
AUA 48.3 54.3 56.5 62.5 65.2
------------------------ -------- ------- ----------- ---------- -------
Total closing
AUM 0.5 0.7 0.8 1.0 1.4
------------------------ -------- ------- ----------- ---------- -------
(1) Transfers-in, subscriptions, contributions and tax
relief
(2) T (ransfers-out, cash withdrawals, benefits and tax
payments)
(3) Total i (nvestment returns and revaluations, net of charges
and taxes)
(4) Platform AUA which is held in AJ Bell's Funds or Managed
Portfolio Service
About AJ Bell:
Established in 1995, AJ Bell is one of the largest investment
platforms in the UK.
We operate in both the advised and direct-to-consumer segments
of the platform market and our flagship platform propositions are
AJ Bell Investcentre (adviser) and AJ Bell Youinvest
(direct-to-consumer).
We offer SIPPs, ISAs and General Investment / Dealing Accounts
which provide access to a broad investment range including shares
and other instruments traded on the major stock exchanges around
the world, as well as all mainstream collective investments
available in the UK and our own range of AJ Bell funds. We also
offer a Cash savings hub which provides access to a range of
competitive savings accounts to help people manage their cash
savings.
We aim to make it easy for our customers to save and invest by
providing them with online tools and information to help them build
and manage their portfolios.
AJ Bell is headquartered in Manchester, UK.
Forward-looking statements
This announcement contains forward-looking statements that
involve substantial risks and uncertainties, and actual results and
developments may differ materially from those expressed or implied
by these statements. These forward-looking statements are
statements regarding AJ Bell's intentions, beliefs or current
expectations concerning, among other things, its results of
operations, financial condition, prospects, growth, strategies, and
the industry in which it operates. By their nature, forward-looking
statements involve risks and uncertainties because they relate to
events and depend on circumstances that may or may not occur in the
future. These forward-looking statements speak only as of the date
of this announcement and AJ Bell does not undertake any obligation
to publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date of
this announcement.
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END
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