AJ Bell Reports Significant Customer Increase for FY2020

AJ Bell, one of the UK's largest investment platforms, has published its trading update for the year ended on 30 September 2020. And the full results for the year are expected to be published on 3 December 2020.

According to the announcement, AJ Bell's growth in the year was driven by the platform business. The company made a organic increase of 62,925 of platform customer numbers, which represents an uptick of 29 percent against the previous year.

Platform underlying net inflows for the year came in at £4.1 billion, which is a marked improvement on the £3.2 billion the investment platform recorded for FY19.

In addition, platform assets under administration (AUA) increased 11% on the previous year to sit at £49.7bn at the end of September 2020.

With all this, total customer numbers increased by 27% in the year to 295,305, with total assets under administration up 8% to £56.5bn.

Andy Bell, Chief Executive Officer at AJ Bell, commented: "We are pleased to report another year of strong growth in customers and assets under administration, delivered against a continuing backdrop of extreme market volatility and significant disruption to people's lives caused by COVID-19. Our focus on the needs of our customers and our easy-to-use platform has fuelled a 29% increase in platform customers, with particularly strong progress made in the direct-to-consumer market. “