Recently floated AJ Bell and Transact report strong trading

Platform and SIPP operators AJ Bell and Transact have reported strong trading in the most recent quarter. Both recently floated on the stock exchange. AJ Bell reported customer numbers up 4% in the quarter ending in December. The company, which is holding its AGM today, said in a trading update that total customer numbers had increased by 4% in the quarter to 241,152. Assets under administration grew 5% to £54.7bn. AJ Bell’s growth in the quarter mainly came from its platform business with platform customer numbers up by 9,033 to 227,202. Its platform AUA increased by 5% over the quarter to £47.2bn. The Advised Platform AUA was up 4% to £35.2 billion while the D2C Platform AUA was up 8% to £12bn. Underlying platform inflows increased to £1.3 billion (2018: £1.2 billion). Andy Bell, chief executive at AJ Bell, said: “Our investment platform continues to attract new customers and assets as we maintain our focus on being the easiest platform to use in order to help our customers to invest." “Whilst Brexit is by no means resolved, a majority Government does at least provide some clearer direction which many investors will appreciate as they consider making the most of their ISA and pension allowances before the end of the tax year.” Rival platform Transact also reported strong trading in the quarter ended in December. Parent company IntegraFin said quarterly Funds Under Direction totalled £39.3bn, up 4% over the quarter. Chief executive Ian Taylor said the company had seen its " highest ever first quarter inflows" and Funds Under Direction were 24% higher in December than a year earlier.

Recently floated AJ Bell and Transact report strong trading

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