03:00 Thu 23 Apr 2020
AJ Bell PLC - Q2 Trading Update
Q2 trading update
Performance overview
Total customer numbers increased to 262,179, up 22% over the last 12 months and 9% in the quarter, with total net inflows up 30% compared to prior year at
Total assets under administration (AUA) increased by 1% over the last year, closing at
· | Platform customer numbers increased organically by 20,872, a record quarter for |
· | Total platform customers closed at 248,074, up 23% year-on-year and 9% in the quarter |
| o Advised customers of 103,974, up 11% over the last year and 4% in the quarter o D2C customers of 144,100, up 34% over the last year and 13% in the quarter |
· | Platform underlying net inflows, representing organic growth in the quarter, increased by 75% over the prior year to |
| o Underlying net inflows of |
· | Platform AUA closed at |
"This quarter was without doubt one of the most dramatic we've witnessed. We had to move quickly to keep our people safe from COVID-19 and comply with the Government lockdown. I'm pleased that we were able to do that effectively whilst remaining open for business as usual during a very busy tax year end period. I'd like to thank our staff for the flexibility and dedication they have shown to ensure our customers have been able to access and manage their investments as usual during the lockdown.
"This resilience is reflected in our new business figures which are very strong compared to last year. Our platform delivered encouraging organic growth in both customers and net inflows as we continued to support advisers and customers throughout this unprecedented situation.
"The COVID-19 crisis continues to have a devastating impact on people's lives and the economic outlook remains uncertain. We have confirmed that we are not furloughing any staff or claiming benefits from any of the Government's financial support schemes which should be preserved for those companies that need them most. We have also launched the AJ Bell Wage War on
Three months ended | Advised Platform £billion | D2C Platform £billion | Total Platform £billion | Non-platform £billion |
Total £billion |
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Opening AUA | 35.2 | 12.0 | 47.2 | 7.5 | 54.7 |
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Underlying inflows(1) | 1.2 | 0.9 | 2.1 | - | 2.1 |
Outflows(2) | (0.5) | (0.2) | (0.7) | (0.3) | (1.0) |
Underlying net inflows/(outflows) | 0.7 | 0.7 | 1.4 | (0.3) | 1.1 |
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DB inflows(3) | 0.2 | - | 0.2 | - | 0.2 |
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Total net inflows/(outflows) | 0.9 | 0.7 | 1.6 | (0.3) | 1.3 |
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Market and other movements(4) | (4.7) | (2.1) | (6.8) | (0.9) | (7.7) |
Closing AUA | 31.4 | 10.6 | 42.0 | 6.3 | 48.3 |
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Opening customers | 100,170 | 127,032 | 227,202 | 13,950 | 241,152 |
Closing customers | 103,974 | 144,100 | 248,074 | 14,105 | 262,179 |
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Three months ended | Advised Platform £billion | D2C Platform £billion | Total Platform £billion | Non-platform £billion |
Total £billion |
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Opening AUA | 28.6 | 8.7 | 37.3 | 6.9 | 44.2 |
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Underlying inflows(1) | 0.8 | 0.5 | 1.3 | 0.1 | 1.4 |
Outflows(2) | (0.4) | (0.1) | (0.5) | (0.1) | (0.6) |
Underlying net inflows | 0.4 | 0.4 | 0.8 | - | 0.8 |
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DB inflows(3) | 0.2 | - | 0.2 | - | 0.2 |
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Total net inflows | 0.6 | 0.4 | 1.0 | - | 1.0 |
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Market and other movements(4) | 1.7 | 0.6 | 2.3 | 0.2 | 2.5 |
Closing AUA | 30.9 | 9.7 | 40.6 | 7.1 | 47.7 |
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Opening customers | 90,865 | 99,633 | 190,498 | 13,985 | 204,483 |
Closing customers | 93,496 | 107,426 | 200,922 | 13,931 | 214,853 |
(1) Includes transfers-in, subscriptions, contributions and tax relief, excluding inflows from DB pension transfers and bulk migrations
(2) Includes transfers-out, cash withdrawals, benefits and tax payments
(3) Inflows to the advised platform from defined benefit pension transfers
(4) Includes charges, taxes deducted, investment returns and revaluations
Contacts:
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Historical AUA and customer numbers by quarter
Advised Platform
AUA (£billion) | Qtr to 31 March 2019 | Qtr to 30 June 2019 | Qtr to 30 September 2019 | Qtr to 31 December 2019 | Qtr to 31 March 2020 |
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Opening AUA | 28.6 | 30.9 | 32.8 | 33.8 | 35.2 |
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Underlying inflows(1) | 0.8 | 0.9 | 0.9 | 0.8 | 1.2 |
Outflows(2) | (0.4) | (0.4) | (0.4) | (0.4) | (0.5) |
Underlying net inflows | 0.4 | 0.5 | 0.5 | 0.4 | 0.7 |
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DB inflows(3) | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
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Total net inflows | 0.6 | 0.7 | 0.7 | 0.6 | 0.9 |
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Market and other movements(4) |
1.7 |
1.2 |
0.3 |
0.8 |
(4.7) |
Closing AUA | 30.9 | 32.8 | 33.8 | 35.2 | 31.4 |
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Customers | 93,496 | 96,083 | 98,056 | 100,170 | 103,974 |
D2C Platform
AUA (£billion) | Qtr to 31 March 2019 | Qtr to 30 June 2019 | Qtr to 30 September 2019 | Qtr to 31 December 2019 | Qtr to 31 March 2020 |
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Opening AUA | 8.7 | 9.7 | 10.6 | 11.1 | 12.0 |
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Inflows(1) | 0.5 | 0.6 | 0.5 | 0.5 | 0.9 |
Outflows(2) | (0.1) | (0.1) | (0.2) | (0.2) | (0.2) |
Net inflows | 0.4 | 0.5 | 0.3 | 0.3 | 0.7 |
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Market and other movements(4) |
0.6 |
0.4 |
0.2 |
0.6 |
(2.1) |
Closing AUA | 9.7 | 10.6 | 11.1 | 12.0 | 10.6 |
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Customers | 107,426 | 114,682 | 120,113 | 127,032 | 144,100 |
Non-platform
AUA (£billion) | Qtr to 31 March 2019 | Qtr to 30 June 2019 | Qtr to 30 September 2019 | Qtr to 31 December 2019 | Qtr to 31 March 2020 |
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Opening AUA | 6.9 | 7.1 | 7.3 | 7.4 | 7.5 |
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Inflows(1) | 0.1 | - | - | - | - |
Outflows(2) | (0.1) | - | (0.1) | (0.1) | (0.3) |
Net outflows | - | - | (0.1) | (0.1) | (0.3) |
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Market and other movements(4) |
0.2 |
0.2 |
0.2 |
0.2 |
(0.9) |
Closing AUA | 7.1 | 7.3 | 7.4 | 7.5 | 6.3 |
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Customers | 13,931 | 13,879 | 13,897 | 13,950 | 14,105 |
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Total closing AUA | 47.7 | 50.7 | 52.3 | 54.7 | 48.3 |
(1) Includes transfers-in, subscriptions, contributions and tax relief, excluding inflows from DB pension transfers and bulk migrations
(2) Includes transfers-out, cash withdrawals, benefits and tax payments
(3) Inflows to the advised platform from defined benefit pension transfers
(4) Includes charges, taxes deducted, investment returns and revaluations
About
Established in 1995,
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. We aim to make it easy for our customers to invest by providing them with additional support in the form of various investment solutions and information. We offer 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
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
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