AJ Bell reported assets under administration of £109.6 billion for 2025, beating consensus estimates by £2 billion. The UK investment platform added 26,000 new direct-to-consumer clients in Q1, more than double forecasts. First-quarter platform net flows hit £1.5 billion, matching expectations despite budget uncertainty.

The strong quarter follows the sale of its Platinum SIPP business to InvestAcc, which transferred £3.3 billion in assets and generated a one-time gain. Jefferies analysts noted flows proved resilient given the company's pension asset weighting. The brokerage raised its fiscal 2026 revenue forecast by 2% to £355.4 million.

Jefferies maintained a "buy" rating with a 625 pence price target, citing 41% upside. The firm projects increased use of pension withdrawals and trusts as 2027 changes approach. AJ Bell's new product launches, including on-shore and offshore bonds, aim to improve retention and capture market share.