TIDMAJB
RNS Number : 0479G
AJ Bell PLC
22 July 2021
22 July 2021
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 2021.
Performance overview
Total customer numbers increased to 368,033, up 30% over the
last year and 6% in the quarter, with total net inflows in the
quarter of GBP1.8 billion (2020: GBP1.2 billion).
Total assets under administration ("AUA") increased to GBP70.4
billion, up 30% over the last year and 8% in the quarter. Over the
same quarter the FTSE All-Share Index rose by 4.8% and MSCI World
Index rose by 7.2%.
Platform business
AJ Bell's platform business saw continued organic growth in
customer numbers, net inflows and AUA:
-- Total platform customers grew by 21,023 in the quarter to close at
353,299, up 32% over the last year and 6% in the quarter
o Advised customers of 122,757, up 15% over the last year and 4%
in the quarter
o D2C customers of 230,542, up 42% over the last year and 8% in the
quarter
-- Platform net inflows increased by 40% over the prior year to GBP2.1
billion (2020: GBP1.5 billion)
o Advised net inflows of GBP1.1 billion in the quarter, up 57% on
the prior year (2020: GBP0.7 billion)
o D2C net inflows of GBP1.0 billion in the quarter, up 25% on the
prior year (2020: GBP0.8 billion)
-- Platform AUA closed at GBP63.1 billion, up 32% over the last year
and 9% in the quarter
AJ Bell Investments
-- Assets under management ("AUM") increased to GBP2.0 billion, up 186%
over the last year and 43% in the quarter
-- Total net inflows in the quarter were GBP524 million, including a
one-off inflow of GBP253m
-- Underlying net inflows in the quarter were GBP271 million, up 115%
on the prior year (2020: GBP126 million)
Andy Bell, Chief Executive Officer at AJ Bell, commented:
"Our easy to use, low cost platform continues to drive our
strong organic growth in both the D2C and advised markets, with
platform customers up 32% over the year and net inflows up 40%
compared to our third quarter last year. This helped total assets
under administration hit the GBP70 billion mark for the first time.
Our investment business also performed well with assets under
management reaching the GBP2 billion milestone just six months
after passing GBP1 billion.
"In the D2C market our growing brand awareness, award winning
platform and competitive charges have driven customer growth of 42%
over the past year. More people are seeking the security and peace
of mind that a diversified investment portfolio held on a trusted
platform can give them. We are seeing the majority of new customers
invest via tax efficient ISAs and pensions as they take control of
their financial future.
"In the advised market, third quarter platform inflows were up
57% compared to the prior year. The introduction of simplified
pension options is proving particularly popular with advisers as it
provides them with different price points and flexible investment
options to cater for a diverse range of client needs.
"We also continue to see strong demand for our in-house
investment solutions. There is growing awareness amongst financial
advisers of the value and performance that our managed portfolio
service is delivering to their clients and our multi-asset funds
continue to prove popular with advisers and retail customers
alike.
"As we head into the final quarter of our financial year, we
remain focused on providing an excellent service to our customers
and continuing to support our people as we navigate the current
wave of the pandemic. Looking further ahead, the structural growth
drivers for our sector remain strong and we are well placed to
deliver further growth across our platform."
Three months ended Advised D2C Platform Total Non-platform Total
30 June 2021 Platform Platform
Opening customers 118,509 213,767 332,276 14,521 346,797
Closing customers 122,757 230,542 353,299 14,734 368,033
AUA and AUM (GBPbillion)
------------------------------- ---------- ------------- ---------- ------------- --------
Opening AUA 41.1 16.9 58.0 7.2 65.2
------------------------------- ---------- ------------- ---------- ------------- --------
Inflows(1) 1.8 1.4 3.2 0.1 3.3
Outflows(2) (0.7) (0.4) (1.1) (0.4) (1.5)
------------------------------- ---------- ------------- ---------- ------------- --------
Net inflows/(outflows) 1.1 1.0 2.1 (0.3) 1.8
------------------------------- ---------- ------------- ---------- ------------- --------
Market and other movements(3) 2.0 1.0 3.0 0.4 3.4
------------------------------- ---------- ------------- ---------- ------------- --------
Closing AUA 44.2 18.9 63.1 7.3 70.4
------------------------------- ---------- ------------- ---------- ------------- --------
Closing AUM 1.2 0.7 1.9 (4) 0.1(5) 2.0
Three months ended Advised D2C Platform Total Non-platform Total
30 June 2020 Platform Platform
Opening customers 103,974 144,100 248,074 14,105 262,179
Closing customers 106,335 162,109 268,444 14,175 282,619
AUA and AUM (GBPbillion)
------------------------------- ---------- ------------- ---------- ------------- --------
Opening AUA 31.4 10.6 42.0 6.3 48.3
------------------------------- ---------- ------------- ---------- ------------- --------
Inflows(1) 1.0 1.0 2.0 - 2.0
Outflows(2) (0.3) (0.2) (0.5) (0.3) (0.8)
------------------------------- ---------- ------------- ---------- ------------- --------
Net inflows/(outflows) 0.7 0.8 1.5 (0.3) 1.2
------------------------------- ---------- ------------- ---------- ------------- --------
Market and other movements(3) 3.1 1.1 4.2 0.6 4.8
------------------------------- ---------- ------------- ---------- ------------- --------
Closing AUA 35.2 12.5 47.7 6.6 54.3
------------------------------- ---------- ------------- ---------- ------------- --------
Closing AUM 0.4 0.3 0.7 (4) - 0.7
(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, 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
30 30 31 31 30
June September December March June
2020 2020 2020 2021 2021
Customers 106,335 108,911 112,308 118,509 122,757
AUA and AUM (GBPbillion)
-------------------------- -------- ----------- ---------- -------- --------
Opening AUA 31.4 35.2 36.3 39.7 41.1
-------------------------- -------- ----------- ---------- -------- --------
Inflows(1) 1.0 1.0 1.3 1.5 1.8
Outflows(2) (0.3) (0.4) (0.5) (0.6) (0.7)
-------------------------- -------- ----------- ---------- -------- --------
Net inflows 0.7 0.6 0.8 0.9 1.1
-------------------------- -------- ----------- ---------- -------- --------
Market and other
movements(3) 3.1 0.5 2.6 0.5 2.0
Closing AUA 35.2 36.3 39.7 41.1 44.2
-------- ----------- ---------- --------
Closing AUM(4) 0.4 0.4 0.6 0.8 1.2
D2C Platform Qtr to Qtr to Qtr to Qtr to Qtr to
30 30 31 31 30
June September December March June
2020 2020 2020 2021 2021
Customers 162,109 172,183 185,745 213,767 230,542
AUA and AUM (GBPbillion)
-------------------------- -------- ----------- ---------- -------- --------
Opening AUA 10.6 12.5 13.4 15.5 16.9
-------------------------- -------- ----------- ---------- -------- --------
Inflows(1) 1.0 0.6 0.9 1.3 1.4
Outflows(2) (0.2) (0.3) (0.2) (0.4) (0.4)
-------------------------- -------- ----------- ---------- -------- --------
Net inflows 0.8 0.3 0.7 0.9 1.0
-------------------------- -------- ----------- ---------- -------- --------
Market and other
movements(3) 1.1 0.6 1.4 0.5 1.0
-------------------------- -------- ----------- ---------- -------- --------
Closing AUA 12.5 13.4 15.5 16.9 18.9
-------------------------- -------- ----------- ---------- -------- --------
Closing AUM(4) 0.3 0.4 0.4 0.6 0.7
Non-platform Qtr to Qtr to Qtr to Qtr to Qtr to
30 30 31 31 30
June September December March June
2020 2020 2020 2021 2021
Customers 14,175 14,211 14,256 14,521 14,734
AUA and AUM (GBPbillion)
-------------------------- ------- ----------- ---------- ------- -------
Opening AUA 6.3 6.6 6.8 7.3 7.2
-------------------------- ------- ----------- ---------- ------- -------
Inflows(1) - 0.1 0.1 - 0.1
Outflows(2) (0.3) (0.1) - (0.3) (0.4)
-------------------------- ------- ----------- ---------- ------- -------
Net (outflows)/inflows (0.3) - 0.1 (0.3) (0.3)
-------------------------- ------- ----------- ---------- ------- -------
Market and other
movements(3) 0.6 0.2 0.4 0.2 0.4
-------------------------- ------- ----------- ---------- ------- -------
Closing AUA 6.6 6.8 7.3 7.2 7.3
-------------------------- ------- ----------- ---------- ------- -------
Closing AUM(5) - - - - 0.1
Total closing
AUA 54.3 56.5 62.5 65.2 70.4
-------------------------- ------- ----------- ---------- ------- -------
Total closing
AUM 0.7 0.8 1.0 1.4 2.0
-------------------------- ------- ----------- ---------- ------- -------
(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.
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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