AJ Bell has reported year-on-year increases in both gross and net inflows across its investment platform in Q1.

The group posted gross inflows in the quarter of £3.6bn, up from £2.7bn in the same period last year, while net inflows in Q1 totalled £1.4bn, up from £1.3bn in 2023.

AJ Bell, which was reporting its results for the three-month period to 31 December 2024, said it had overseen a “strong start” to the financial year.

This was reflected in its customer numbers, which climbed by 19,000 to close at 561,000 – up 16% in the last year and 4% in the quarter.

AJ Bell also now has a new record in assets under administration (AuA) of £89.5bn, which is up 17% over the last year and 3% in the quarter.

CEO, Michael Summersgill, commented: “The strength of our advised platform is reflected in strong gross inflows of £1.7bn, with net inflows of £300m having been impacted by elevated levels of pre-Budget pension withdrawals, as well as recent adviser consolidation.

“Ahead of the October Budget, speculation around the tax treatment of pensions caused a short-term behavioural change among retail investors, which normalised quickly once the content of the Budget became known. We believe that pension savers deserve more clarity when it comes to the tax treatment of their long-term retirement plans.

“As such, we continue to call for Government to commit to stability through a Pension Tax Lock, providing additional clarity around key features of the pension tax system.”

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