TIDMAJB
RNS Number : 5755G
AJ Bell PLC
20 July 2023
20 July 2023
AJ Bell plc
Q3 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 30 June 2023.
Performance overview
Platform business
-- Customer numbers increased by 10,606 in the quarter to close
at 465,614, up 12% in the last year and 2% in the quarter
o Total advised customers of 156,368, up 10% in the last year
and 2% in the quarter
o Total D2C customers of 309,246, up 12% in the last year and
3% in the quarter
-- Assets under administration ("AUA") closed at GBP69.8 billion,
up 10% over the last year and 2% in the quarter
-- Resilient AUA flows across the platform which once again demonstrates
the strength of our dual-channel model, with momentum particularly
strong for the D2C platform post tax year end
o Gross inflows in the quarter of GBP2.4 billion (2022: GBP2.6
billion)
o Net inflows in the quarter of GBP1.1 billion (2022: GBP1.6
billion)
-- Market movements were negligible in the quarter
AJ Bell Investments
-- Assets under management ("AUM") increased to GBP4.3 billion,
up 72% over the last year and up 10% in the quarter
-- Net inflows in the quarter of GBP0.4 billion, up 33%
on the prior year (2022: GBP0.3 billion)
Michael Summersgill, Chief Executive Officer at AJ Bell,
commented:
"Continued growth in customer numbers and net inflows of over
GBP1 billion onto our platform in the quarter once again
demonstrate the strength of our dual-channel platform model. Assets
under administration on our platform now stand at a record high of
GBP69.8 billion.
"Our investments business again grew strongly with assets under
management increasing another 10% in the quarter to reach GBP4.3
billion. In a market where many asset managers are suffering
persistent net outflows, the strong performance and low-cost nature
of our multi-asset investment solutions continues to attract new
assets in both the advised and D2C markets, with net inflows in the
quarter of GBP0.4 billion.
"In the advised market there has been a moderation in transfer
activity as advisers and their clients exercise more caution in the
face of ongoing uncertainty in the macroeconomic environment.
Despite that, we attracted GBP0.4 billion of net inflows to our
advised platform during the quarter and added almost 3,000 new
customers.
"Momentum in the D2C market remained strong after the tax year
end as customers took advantage of their new annual ISA and pension
allowances. Our open architecture platform ensures that customers
have the flexibility to choose from a broad range of investment
options depending on market conditions. The sharp rise in interest
rates has stimulated strong demand for short-dated government bonds
and money market funds, with eight of the 20 most popular
investment choices by traded value in the quarter falling into
these categories.
"More broadly, we are well prepared for the implementation of
the new Consumer Duty coming into force at the end of this month.
We believe this will be positive for consumers, with an increased
focus on value for money and ensuring good customer outcomes set to
improve standards within the market. It is important that there is
no delay beyond the next year in the new duty applying to legacy
pension schemes, particularly given the FCA has recently stated
that savers in older schemes may be at greatest risk of poor value
for money.
"We continue to see significant opportunities for growth in the
platform market and believe we are well positioned to capitalise on
these in both the advised and D2C segments."
Three months ended Advised D2C Platform Total Non-platform
30 June 2023 Platform Platform Total
Opening customers 153,400 301,608 455,008 14,921 469,929
Closing customers 156,368 309,246 465,614 14,967 480,581
AUA and AUM (GBPbillion)
------------------------------- ---------- ------------- ---------- ------------- --------
Opening AUA 47.3 21.3 68.6 5.2 73.8
------------------------------- ---------- ------------- ---------- ------------- --------
Inflows(1) 1.2 1.2 2.4 - 2.4
Outflows(2) (0.8) (0.5) (1.3) - (1.3)
------------------------------- ---------- ------------- ---------- ------------- --------
Net inflows 0.4 0.7 1.1 - 1.1
------------------------------- ---------- ------------- ---------- ------------- --------
Market and other movements(3) 0.1 - 0.1 0.1 0.2
------------------------------- ---------- ------------- ---------- ------------- --------
Closing AUA 47.8 22.0 69.8 5.3 75.1
------------------------------- ---------- ------------- ---------- ------------- --------
3.6 0.7
Closing AUM 2.3 1.3 (4) (5) 4.3
Three months ended Advised D2C Platform Total Non-platform
30 June 2022 Platform Platform Total
Opening customers 137,201 266,182 403,383 14,926 418,309
Closing customers 141,856 275,647 417,503 14,947 432,450
AUA and AUM (GBPbillion)
------------------------------- ---------- ------------- ---------- ------------- --------
Opening AUA 46.5 20.4 66.9 7.2 74.1
------------------------------- ---------- ------------- ---------- ------------- --------
Inflows(1) 1.5 1.1 2.6 0.1 2.7
Outflows(2) (0.6) (0.4) (1.0) (1.8) (2.8)
------------------------------- ---------- ------------- ---------- ------------- --------
Net inflows/(outflows) 0.9 0.7 1.6 (1.7) (0.1)
------------------------------- ---------- ------------- ---------- ------------- --------
Market and other movements(3) (3.1) (1.9) (5.0) (0.3) (5.3)
------------------------------- ---------- ------------- ---------- ------------- --------
Closing AUA 44.3 19.2 63.5 5.2 68.7
------------------------------- ---------- ------------- ---------- ------------- --------
2.4 0.1
Closing AUM 1.4 1.0 (4) (5) 2.5
(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
(5) Assets which are held in AJ Bell's Funds or Managed
Portfolio Service via third-party platforms
Contacts:
AJ Bell
Shaun Yates, Investor Relations
-- Director +44 (0) 7522 235 898
Charlie Musson, Brand and PR
-- Director +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
30 30 31 31 30
June September December March June
2022 2022 2022 2023 2023
Customers 141,856 145,371 148,636 153,400 156,368
AUA and AUM
(GBPbillion)
------------------ -------- ----------- ---------- -------- --------
Opening AUA 46.5 44.3 44.8 46.0 47.3
------------------ -------- ----------- ---------- -------- --------
Inflows(1) 1.5 1.5 1.2 1.4 1.2
Outflows(2) (0.6) (0.6) (0.7) (0.8) (0.8)
------------------ -------- ----------- ---------- -------- --------
Net inflows 0.9 0.9 0.5 0.6 0.4
------------------ -------- ----------- ---------- -------- --------
Market and other
movements(3) (3.1) (0.4) 0.7 0.7 0.1
Closing AUA 44.3 44.8 46.0 47.3 47.8
-------- ----------- ---------- --------
Closing AUM(4) 1.4 1.7 1.9 2.1 2.3
D2C Platform Qtr to Qtr to Qtr to Qtr to Qtr to
30 30 31 31 30
June September December March June
2022 2022 2022 2023 2023
Customers 275,647 280,281 285,729 301,608 309,246
AUA and AUM
(GBPbillion)
------------------ -------- ----------- ---------- -------- --------
Opening AUA 20.4 19.2 19.3 20.3 21.3
------------------ -------- ----------- ---------- -------- --------
Inflows(1) 1.1 0.6 0.7 1.1 1.2
Outflows(2) (0.4) (0.3) (0.4) (0.5) (0.5)
------------------ -------- ----------- ---------- -------- --------
Net inflows 0.7 0.3 0.3 0.6 0.7
------------------ -------- ----------- ---------- -------- --------
Market and other
movements(3) (1.9) (0.2) 0.7 0.4 -
------------------ -------- ----------- ---------- -------- --------
Closing AUA 19.2 19.3 20.3 21.3 22.0
------------------ -------- ----------- ---------- -------- --------
Closing AUM(4) 1.0 1.0 1.1 1.2 1.3
Non-platform Qtr to Qtr to Qtr to Qtr to Qtr to
30 30 31 31 30
June September December March June
2022 2022 2022 2023 2023
Customers 14,947 14,937 14,909 14,921 14,967
AUA and AUM
(GBPbillion)
------------------------ -------- ----------- ---------- -------- -------
Opening AUA 7.2 5.2 5.1 5.2 5.2
------------------------ -------- ----------- ---------- -------- -------
Inflows(1) 0.1 - - 0.1 -
Outflows(2) (1.8) (0.1) (0.1) - -
------------------------ -------- ----------- ---------- -------- -------
Net (outflows)/inflows (1.7) (0.1) (0.1) 0.1 -
------------------------ -------- ----------- ---------- -------- -------
Market and other
movements(3) (0.3) - 0.2 (0.1) 0.1
------------------------ -------- ----------- ---------- -------- -------
Closing AUA 5.2 5.1 5.2 5.2 5.3
------------------------ -------- ----------- ---------- -------- -------
Closing AUM(5) 0.1 0.1 0.4 0.6 0.7
Total closing
AUA 68.7 69.2 71.5 73.8 75.1
------------------------ -------- ----------- ---------- -------- -------
Total closing
AUM 2.5 2.8 3.4 3.9 4.3
------------------------ -------- ----------- ---------- -------- -------
(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
(5) Assets which are held in AJ Bell's Funds or Managed
Portfolio Service via third-party platforms
About AJ Bell:
Established in 1995, AJ Bell is one of the largest investment
platforms in the UK, operating at scale in both the advised and
direct-to-consumer markets.
Our purpose is to help people invest by providing them with easy
access to Pensions, ISAs and General investment accounts, great
customer service and competitive charges.
Our two core platform propositions are AJ Bell in the D2C market
and AJ Bell Investcentre in the advised market, which both 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.
In the D2C market we also offer Dodl by AJ Bell, a low-cost
investment app with a simplified investment range that makes it
easier for customers to choose investments and buy and sell them
without paying any commission.
For D2C cash savers we offer a Cash savings hub which provides
access to a range of competitive savings accounts to help people
manage their long-term cash deposits. AJ Bell is headquartered in
Manchester, UK, with offices in London and Bristol.
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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