Latest news with #MichaelSummersgill
Daily Mail
23-05-2025
- Business
- Daily Mail
Labour urged to stop bullying over pensions
The boss of one of Britain's biggest stocks and shares platforms has accused Labour of trying to 'bully and cajole' pension funds over where to invest retirement savings. AJ Bell chief executive Michael Summersgill yesterday voiced concerns that Rachel Reeves could instruct pension providers to back unlisted UK equities. Retirement saving funds last week caved in to pressure from the Chancellor to boost their investment in private British businesses and infrastructure projects. Aviva, Legal and General and Phoenix Group were among the 17 firms that vowed to invest 10 per cent of workplace pensions in unlisted assets by 2030 – with 5 per cent of that allocated to the UK. Fears are mounting that Reeves will force pension funds to make the shift if investment continues to lag. Earlier this month the Chancellor said she was 'never going to say never' to such a move. But Summersgill labelled the tactic among ministers to 'bully and cajole' firms as 'crude'. 'It's not the right approach', he said. AJ Bell is not a pension provider in the traditional sense as it does not control money on behalf of clients. But its customers can open a personal pension on the platform and choose their own investments. Summersgill said he was against a mandate, claiming it is 'highly risky to start mandating what people should do with their money – it is very complicated'. Meanwhile, shares in AJ Bell jumped 8.4 per cent, or 38.4p, to 495.6p, after it reported a rise in half-year sales and profits for the six months to March 31. The Manchester-based company has also urged the Chancellor to rule out pension tax changes to avoid speculation ahead of the Budget in October and pressed Reeves to charge forward with Isa reform. AJ Bell wants cash Isas and stocks and shares Isas to be combined into one product. Such a move would 'remove a current barrier which requires people to choose one or the other at the outset,' it said. Reeves faced a backlash at the start of the year amid speculation that she was planning a tax raid on cash Isas, including a potential reduction of the £20,000 tax-free allowance. AJ Bell said half-year profits rose 12 per cent to £68.8m and revenue was up 17 per cent to £153m. It added 51,000 new customers, taking its total to 593,000 – a 9 per cent increase. Assets under management hit a record £90.4billion after growing 5 per cent.
Times
23-05-2025
- Business
- Times
AJ Bell credits Isa cutoff and volatile market for record quarter
AJ Bell declared a record March quarter after pulling in 32,000 new customers and net inflows of £1.9 billion as retail investors moved to use their Isa allowances before the end of the tax year. The investment platform also suggested that the volatility of the past few weeks had been spurring clients on to invest more rather than frightening them away, adding that three quarters of client trades since April 1 had been buys rather than sells. Michael Summersgill, chief executive, said it was 'a strong start to the financial year' with total assets under administration surging to a record £90.4 billion. • What the stock market chaos means for your pension AJ Bell, based in Manchester, operates a direct-to-consumer (DTC) platform for retail investors
Times
23-05-2025
- Business
- Times
Cutting cash Isa limit would be a mistake, says AJ Bell boss
Cutting the amount that people can save in a cash Isa would be short-sighted and fail to achieve the government's aim of boosting the stock market, the boss of one of Britain's biggest DIY investment platforms has warned. Michael Summersgill, who runs the FTSE 250 wealth manager AJ Bell, said on Friday that he was strongly opposed to the idea of reducing the £20,000 annual tax-free allowance for cash Isas, arguing that such a move 'won't change people's behaviour'. There has been mounting speculation that ministers are poised to shake up the savings regime in an effort to encourage more of the public to put cash into Britain's faltering stock market. Rachel Reeves, the chancellor, has signalled that she is keen on reform, and said
The Independent
23-05-2025
- Business
- The Independent
AJ Bell shares soar amid sharp rise in customer numbers
Shares in AJ Bell soared on Friday as it revealed a jump in customer numbers and hit a new record amount of assets under administration. The investing firm said it added 51,000 customers in the six months to March, a 9% increase to 593,000. Meanwhile, assets under administration rose to £90.4 billion, a 5% increase, mostly driven by £3.3 billion in net inflows. AJ Bell said it had seen similarly strong momentum into April, despite significant volatility in global financial markets amid Donald Trump's trade tariffs. The company said it has seen 'increased trading activity' as customers responded to fast swings on both the stock and bond markets. 'We have repeatedly broken our own records for new customer applications during the recent tax year end,' said chief executive Michael Summersgill. 'This performance has been driven by our low-cost, easy-to-use propositions, excellent customer service and improved brand awareness, demonstrating the benefits of our continued investment in these areas.' The company said revenues for the six-month period were £153.2 million, up 17% compared with the same point last year. AJ Bell shares jumped as high as 10% on the announcement on Friday, after profit and revenue beat analyst expectations. The company said it would invest more money into growing the business over the second half of the year, which means its costs will also be higher. But it said the higher overheads will be 'more than offset' by the increase in revenue. Mr Summersgill added: 'In March and April there was also significant market volatility, resulting in heightened levels of customer activity. 'During this period, we continued to provide great service to our customers and advisers, illustrating the scalability and resilience of our operations. 'Our focus remains on delivering long-term organic growth and continuing to increase our market share.'
Yahoo
29-01-2025
- Business
- Yahoo
UK Investment platform AJ Bell's Q1 managed assets jump 17%
(Reuters) - British investment platform AJ Bell on Wednesday posted a 17% jump in its first-quarter managed assets, helped by a rise in customers and elevated pension contributions in the run-up to the October 2024 Budget. Wealth managers in the UK had flagged shifts in client appetite ahead of the budget, amid concerns over changes to pension funds, an essential part of AJ Bell's services, and tax changes. "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," CEO Michael Summersgill said in a statement. Investors returned to wealth managers and online trading platforms by the year-end, resulting in increased customer onboarding and investments. AJ Bell reported assets under administration of 95.3 billion pounds ($118.66 billion) for the quarter ended December 2024, up from the 81.6 billion pounds reported the previous year. ($1 = 0.8031 pounds) Sign in to access your portfolio
