AJ Bell platform assets drop amid adverse market conditions

FTSE loses 6% in three months to June

Assets under administration at AJ Bell’s platform business ended the third quarter down 5% at £63.5bn, which the firm attributed to “adverse market movements”.

The FTSE All-Share index fell 6% in the three months to June, while the MSCI World index fell 9%. Platform business flows climbed to £1.6bn, down from £2.1bn this time last year. Customer numbers increased by 14,120, closing the quarter at 417,503, up 18% on last year and 4% on the previous quarter. Advised customers were up 16% for the year to June 2022, and 3% over the quarter, while direct-to-consumer customers were up 20% over the year and 4% over last quarter. AJ Bell's Andy Bell to step down in October Assets at AJ Bell Investments climbed 9% to £2.5bn in the three months,...