AJ Bell Attracts Record Inflows Despite Budget Uncertainty

AJ Bell plc, a prominent UK investment platform, announced a strong start to the financial year, marked by record gross inflows and substantial customer growth, despite headwinds from UK Budget uncertainty.

The company's Q1 trading update, for the three months ended December 31, 2025, reveals a robust performance across its platform and investments businesses.

Customer numbers surged by 29,000, reaching a total of 673,000, reflecting a 20% year-on-year increase and a 5% rise within the quarter. Advised customers totaled 185,000, a 6% annual increase, while direct-to-consumer (D2C) customers climbed to 488,000, representing a 26% jump compared to the previous year.

Platform assets under administration (AUA) reached a record £108.0 billion, up 21% year-on-year and 5% for the quarter. Gross inflows hit a record £4.6 billion, compared to £3.6 billion in 2024, while net inflows amounted to £1.5 billion, slightly above the £1.4 billion recorded in the same period last year. Favorable market movements contributed 3% to the opening AUA.

AJ Bell Investments saw assets under management (AUM) increase to £9.5 billion, a substantial 32% year-on-year rise and a 7% increase for the quarter. Net inflows for AJ Bell Investments reached £0.3 billion, slightly below the £0.4 billion recorded in Q1 2024. The sale of the Platinum SIPP and SSAS business concluded on November 3, 2025, transferring £3.3 billion in AUA and 3,400 customers to InvestAcc Group Limited.

The company noted that record gross inflows were partially offset by increased outflows, driven by uncertainty surrounding the UK Budget. Customers nearing retirement reacted to speculation about potential pension tax changes, leading to a £500 million increase in pension withdrawals compared to the previous year.

Driver Breakdown:

• Customer Growth: Continued investment in brand and platform propositions attracted 29,000 new platform customers.
• Record Inflows: Strong performance in both advised and D2C platform propositions drove record gross inflows.
• Market Movements: Favorable market conditions contributed positively to AUA and AUM growth.

CEO Michael Summersgill stated, “I am pleased to report a strong start to the financial year, delivering record levels of gross inflows onto both our advised and D2C platform propositions and attracting 29,000 new platform customers,” reinforcing the company's growth strategy.

Despite the strong results, the company highlighted the need for government to provide a clear commitment to pension tax stability.

Persistent uncertainty surrounding fiscal events has led to higher levels of assets moving out of pensions and risk-based investments.