AJ Bell (AJB) Q3 2024 TU earnings summary

Executive summary

• Platform customer numbers rose by 25,000 in Q3, reaching 528,000, a 13% increase year-over-year and 5% sequentially.

• Total assets under administration (AUA) hit £83.7 billion, up 20% year-over-year and 4% in the quarter.

• AJ Bell Investments' assets under management (AUM) surpassed £6 billion for the first time, reaching £6.3 billion, up 47% year-over-year and 9% in the quarter.

• Net inflows across the platform were £1.7 billion, 55% higher than the same quarter last year.

• D2C customer growth was boosted by a one-off migration of 7,000 customers from a third-party platform.

Financial highlights

• Gross inflows for the quarter were £3.7 billion, up from £2.4 billion in Q3 2023.

• Net inflows for the quarter reached £1.7 billion, compared to £1.1 billion in the prior year.

• Favourable market movements contributed 2% of opening AUA.

• AJ Bell Investments saw net inflows of £0.4 billion, consistent with the prior year.

Outlook and guidance

• Management expects strong momentum to continue into the final quarter, supported by dual-channel strategy and ongoing investment in brand, technology, and products.

• The company is well-positioned to capture further market share in both advised and D2C platform markets.