AJ Bell (AJB) Trading Update summary

Platform growth and customer metrics

• Customer numbers rose by 102,000 to 644,000, a 19% increase year-on-year, with D2C customers up 25% and advised customers up 6%.

• Platform assets under administration reached a record £103.3 billion, up 19% from the previous year.

• Underlying gross inflows were £15.8 billion, up 21%, and net inflows were £7.1 billion, up 16% year-on-year.

• Favourable market movements contributed £9.3 billion to AUA, equating to 11% of opening AUA.

• D2C platform achieved its best year to date, with record customer growth and net inflows.

Investment solutions and non-platform business

• Investment solutions saw net inflows of £1.3 billion, with assets under management reaching £8.9 billion, up 31%.

• Sale of the Platinum SIPP and SSAS business is expected to complete in November 2025.

Strategic and market context

• Dual-channel strategy and scalable business model supported operational gearing and reinvestment in propositions, pricing, and brand.

• Heightened outflows in the advised platform were driven by pension lump sum withdrawals and adviser consolidation.

• Uncertainty around government pension tax policy is causing disruption, with calls for greater stability.

• Ongoing investment in brand and propositions positions the business well for future growth.