AJ Bell investment platform customer numbers hit a record high last year as pre-Autumn Budget jitters helped boost assets under management. The group said customer numbers hit 560,000 by the end of December, representing a 16 per cent increase in the last year, as managed assets soared 17 per cent to £89.5billion.
'Elevated' pension contributions in the run up to the October Budget helped boost the firm's bottom line, it said. Assets ticked up 6 per cent over the fourth quarter, while net inflows remained steady at £400million. This meant the group's total assets under management surpassed £7billion for the first time.
Net inflows over the quarter reached £1.4billion, representing a £100million increase compared to the firm's first quarter last year. Gross inflows stood at £3.6billion, however, which is a £900million increase compared to the first quarter of 2023.
Record high: AJ Bell saw the number of customers using its investment platform reach a record high of 560,000 by the end of December. Advised customer numbers increased by 8 per cent and 2 per cent over the year and quarter, respectively, to 174,000, while direct to consumer customers reached 387,000.
This represented a 20 per cent increase over the year and a 2 per cent rise for the quarter. Michael Summersgill, chief executive of AJ Bell, said: 'Ahead of the October Budget, speculation around the tax treatment of pensions caused a short-term behavioural change among retail investors, which normalised quickly once the content of the Budget became known.
