One of Britain's largest investment platforms has recorded a surge in net inflows in its latest trading update following an influx of new customers. AJ Bell reported a 42 per cent rise in net inflows during the second quarter of the financial year, climbing from £1.9bn in 2025 to £2.7bn.
Strong Gross Inflows and Customer Growth
Gross inflows also increased 40 per cent to £5.6bn from £4bn, with the firm attributing the growth to the wave of new customers joining the platform. Customer numbers rose seven per cent over the course of the quarter, growing by 50,000 to reach 723,000. Total advised customers hit 189,000 while direct to consumer (D2C) customer numbers reached 534,000, a nine per cent increase over the quarter.
CEO Comments on Performance
Mike Summersgill, chief executive officer at AJ Bell, said the performance "reflects the early benefits" of "increased investment in our brand and propositions". Abid Hussain, analyst at Panmure Liberum, also attributed the platform's success to "continued marketing efforts" and customers choosing to leave platforms charging higher fees.
Record Customer Growth in D2C Channel
The rise in D2C customer numbers saw the FTSE 250 firm achieve "record customer growth" in the channel, alongside record net inflows of £2.2bn, after the business shifted its focus towards "low-cost propositions" and "ease of use". The advised platform delivered net inflows of £0.5bn, but experienced outflows of £1.6bn, with the group linking the losses to "ongoing adviser consolidation".
Assets Under Administration Rise
Assets under administration (AUA) reached £108.7bn, marking a 20 per cent year-on-year rise. However, the firm recorded just a one per cent quarterly uptick, as broader market turbulence — including the fallout from the Iran war — curbed growth and dampened investor confidence in the stock market. Summersgill noted, however, that markets and investor sentiment picked up towards the close of the quarter, with activity bolstered by investors seeking to access investment products ahead of the tax year-end on April 6.
Investment Arm Performance
The platform's investment arm also recorded a rise in assets under management (AUM) to £9.8bn, representing a 31 per cent increase on the previous year's figure of £7.5bn. Summersgill said: "Whilst recent market volatility impacted asset values at the end of the quarter, customer appetite to invest remained strong in the run‐up to the tax year-end. The UK platform market continues to offer significant structural growth opportunities."
