AJ Bell’s platform assets under administration (AUA) have crossed £80.3bn after it booked a half-year net inflow of £2.9bn.
Favourable market movements contributed £6.5bn to this total.
The firm added 27,000 customers during the six months, bringing the total to 503,000. Revenue was up 27% to £131.3m and profit before tax rose 47% to £61.4m.
Its investments unit, which includes the MPS offering, saw assets under management (AUM) rise 23% in the first half to close at £5.8bn. Net inflows were £800m versus £900m in the same period last year.
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Turning to the outlook for the coming year, the firm pointed to a societal need for the role investment platforms play as a reason to expect further structural growth.
AJ Bell also noted that macroeconomic conditions are becoming more favourable, with anticipated reductions to the base rate likely to increase the appetite for investing.
The update from the platform comes on the heels of news that one of its main rivals, Hargreaves Lansdown, has been the subject of a takeover approach by private equity firms.
Chief executive Michael Summersgill (pictured) said: “Our significant scale and strong profitability has enabled us to continue investing in several areas to support our long-term growth ambitions.
See also: AJ Bell platform exceeds half a million customers in Q2 update
“We are in the second year of our multi-channel brand campaign and are now reaping some of the benefits of this investment, with our brand awareness showing a meaningful improvement over the course of the last year.”
“This has helped us achieve strong customer and AUA growth and gives us the confidence to continue investing in this area as we look to further strengthen the awareness of AJ Bell amongst new and existing retail investors.”
This article was first seen in our sister publication, PA Adviser
