- Platform sees ‘high’ pension contributions before the autumn budget
The customer numbers of the AJ Bell investment platform reached a record record last year, since pre-outumn budget jitters helped boost assets under administration.
The group said that the number of clients reached 560,000 at the end of December, which represents a 16 percent increase in the last year, since the administrated assets fired 17 percent to £ 89.5 billion.
The ‘high’ pension contributions in the period prior to the October budget helped boost the final result of the company, he said.
Assets increased 6 percent during the fourth quarter, while net tickets remained stable at £ 400 million. This meant that the group’s total assets under administration exceeded 7 billion for the first time.
Net tickets during the quarter reached £ 1.4 billion, which represents an increase of £ 100 million compared to the first quarter of the company last year.
However, gross tickets were located at £ 3.6 billion, which is an increase of £ 900 million compared to the first quarter of 2023.
High registration: AJ Bell saw the number of customers who use their investment platform reach a record of 560,000 for the end of December
He advised the number of customers increased by 8 percent and 2 percent during the year and quarter, respectively, to 174,000, while directly to consumer customers reached 387,000.
This represented a 20 percent increase during the year and a 2 percent increase for quarter.
Michael Summersgill, Executive Director of AJ Bell, said: ‘Before the October budget, speculation about the fiscal treatment of pensions caused a short -term behavior change among retail investors, which was quickly normalized once the budget content.
‘We believe that pension savers deserve more clarity when it comes to the tax treatment of their long -term retirement plans.
‘As such, we continue to ask the Government to commit to stability through a pension tax block, providing additional clarity on the key characteristics of the pension tax system.
‘The strong beginning of the year positions us well when we approach the busy end of the fiscal year.
‘We are still focused on the important long -term growth opportunity that exists in the platform market.
“Our double channel approach and continuous investments on our propositions and the brand means that we are well located to continue our strong growth.”
AJ Bell shares 1.67 percent or 7.50PA 440.50p fell on Wednesday, having increased more than 40 percent in the last year.
Earlier this month, the executive directors of AJ Bell, Quilter, Hargreaves Lansdown and Interactive Investor signed a letter to Rachel Reeves that opposes the way in which the government plans to introduce the inheritance tax to pensions.
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