AJ Bell has reported a decline in defined benefit (DB) pension transfer inflows into its advised platform, saying it expected the trend to continue.
In its quarterly results published this morning (23 January), the pension provider and platform reported DB inflows of £300m in the three months ending 31 December, amounting to half of the inflows recorded during the same period a year earlier, where DB inflows stood at £600m.
Chief executive Andy Bell (pictured) said the firm had expected a decline in DB transfer inflows since their peak in the 2017 financial year. He added that the firm expected the downward trend to continue.
Platform customer numbers meanwhile increased by 4% during the period to 190,498 in total. Underlying platform inflows increased by 20% to £1.2bn, though closing assets under administration were £44.2bn – a 4% decline since 30 September 2018, which the firm attributed to “negative market movements”.
“Trading in the first quarter of our financial year continued in line with the growth story we outlined ahead of our initial public offering and remains on track,” said Bell.
“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.”
AJ Bell listed on the main market of the London Stock Exchange on 7 December 2018.