Home Money AJ Bell shares jump as it surpasses 500,000 DIY investors with record £80.3bn

AJ Bell shares jump as it surpasses 500,000 DIY investors with record £80.3bn

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Optimistic: AJ Bell shares rose on Thursday after the group reported record assets under management
  • AB Bell shares rose more than 6% on Thursday following the update

AJ Bell shares rose on Thursday after the trading platform reported record assets under management.

The group had AUA worth £80.3bn as at March 31, as net inflows rose 33 per cent year-on-year to £1.6bn.

Customer numbers increased by 19,000 in the quarter, taking the total past the half-million milestone to close at 503,000, an increase of 11 percent over the past year.

Optimistic: AJ Bell shares rose on Thursday after the group reported record assets under management

AJ Bell said “favorable market movements” had contributed a further 3 per cent to assets under management (AUA) growth in the quarter.

AJ Bell stock rose 6.27 per cent or 18.50 pence to 313.50 pence on Wednesday, after falling around 4 per cent in the last year.

Gross receipts in March amounted to £1.4bn, marking a new monthly record for the business.

The total number of advised clients reached 165,000 at the end of the period, an increase of 8 percent over the past year and 2 percent over the quarter.

At AJ Bell Investments, assets under management rose to £5.8bn, up 49 per cent on last year and up 12 per cent on the quarter.

On 1 April, the FTSE 250-listed group reduced its custody fees for advised clients and halved its core trading fee for direct-to-consumer clients to £5.

Michael Summersgill, chief executive of AJ Bell, said: “Passing half a million platform customers is a significant milestone for the business, reflecting the continued success of our dual-channel model.”

‘Having listed in 2018 with just under 200,000 platform customers, this milestone demonstrates the strong execution of our organic growth strategy set out in the IPO.

“We remain committed to providing low-cost, easy-to-use products that clients and advisors can rely on, and our continued investment in our client propositions puts us in an excellent position to achieve further strong organic growth in the future” .

He added: ‘We are excited about the upcoming launch of our Ready-made pensions service, which will help customers easily consolidate their existing pensions with AJ Bell and automatically invest them through our low-cost in-house investment solutions.

“Looking ahead, the growth opportunity for the platform market remains significant and our continued investment in brand will continue to drive greater awareness of AJ Bell, supporting our long-term growth ambitions.”

The group will publish its provisional results for the semester ended March 31 on May 23.

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Compare the best DIY investment platforms and stocks and shares Isas

1707793746 568 How a Bed Isa can protect you from a

Investing online is simple, affordable and you can do it from your computer, tablet or phone at a time and place that suits you.

When it comes to choosing a DIY investment platform, stocks and shares Isa or general investment account, the range of options can seem overwhelming.

Each provider has a slightly different offering, charging more or less to trade or hold shares and giving access to a different range of shares, funds and investment trusts.

When assessing which one is best for you, it is important to consider the service it offers, along with any administration and dealing charges, plus any other additional costs.

To help you compare the best investment accounts, we’ve looked at the facts and put together a complete guide to choosing the best and cheapest investment account for you.

We highlight the main players in the table below, but we recommend that you do your own research and consider the points in our full guide linked here.

>> This is Money’s complete guide to the best investment platforms and Isas

The platforms shown below are independently selected by This is Money’s dedicated journalists. If you open an account using links that have an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence.

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Administrative position Notes of charges Fund trading Standard Shares, Trusts and ETF Trading Regular investment Dividend reinvestment
AJ Bell* 0.25% Maximum £3.50 per month for shares, trusts and ETFs. £1.50 £5 £1.50 £1.50 per bid More details
Bestinvest* 0.40% (0.2% for ready-made wallets) The account fee is reduced to 0.2% for investments already made Free £4.95 Free for funds Free for income funds More details
Charles Stanley Live* 0.35% No platform fee on shares if a trade is made in that month and an annual maximum of £240 Free £11.50 n/a n/a More details
Fidelity* 0.35% on funds £7.50 per month up to £25,000 or 0.35% with regular savings plan. Free £7.50 Free Funds £1.50 Shares, ETF Trusts £1.50 More details
Hargreaves Lansdown* 0.45% Capped at £45 for shares, trusts and ETFs Free €11.95 £1.50 1% (£1 minimum, £10 maximum) More details
Interactive investor* £4.99 per month under £50,000, £11.99 over, £10 extra for Sipp Free trading worth £3.99 per month (does not apply to £4.99 plan) €3.99 €3.99 Free €0.99 More details
iWeb £100 one-off fee (not applied until July 2024) £5 £5 n/a 2%, maximum £5 More details
Accounts that have some limits but attractive offers
Etoro* No investment funds or Sipp Free The investment account offers stocks and ETFs. Be careful with high risk CFDs. Not available Free n/a n/a More details
Trade 212 Free The investment account offers stocks and ETFs. Be careful with high risk CFDs. Not available Free n/a Free More details
Free trade*No investment funds Free basic account, Standard with Isa £4.99, Plus £9.99 Freetrade Plus with more investments and Sipp costs £9.99/month inc. isa rate Without funds Free n/a n/a More details
Vanguard Only Vanguard products. 0.15% Vanguard funds only Free Free Vanguard ETFs Only Free n/a More details
(Source: ThisisMoney.co.uk, March 2024. The administrative percentage charge can be applied monthly or quarterly.

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