AJ Bell plc, one of the UK’s largest investment platforms, has issued a trading update for the last three months of 2018. This follows the successful completion of AJBell’s listing onto the London Stock Exchange in December 2018.
Andy Bell, chief executive officer at AJ Bell, commented: “Trading in the first quarter of our financial year continued in line with the growth story we outlined ahead of our IPO and remains on track. We continued to attract new customers and inflows to the platform in the face of volatile investment markets, which demonstrates the strength and resilience of our business model as we approach our busiest period of the year. Our low-cost and easy-to-use investment platform continues to appeal to both retail customers and financial advisers, and providing high quality service to them remains our top priority.
“Platforms have been one of the main beneficiaries of defined benefit pension transfers. These have declined steadily since their peak seen in financial year 2017 and we expect this decline to continue. Despite this and short-term market volatility, the outlook for the platform market remains strong. The FCA is due to deliver the final report of its Investment Platforms Market Study and based on its interim report this is expected to focus on value for money and easier transfers between platforms. Our competitive pricing model and service proposition means we are well positioned to benefit from anticipated developments in these areas.”