AJ Bell plc (AJB · LSE)

FinancialsLSEUKMid-cap

Where Britain's Pensions Are Moving

AJ Bell runs one of Britain's biggest online homes for pensions and ISAs, charging a small annual fee on the money it looks after.

AJ Bell PLC

AJB: LSE

606.00 GBp

+37.10%

year to date

Market Cap£2.33B

Avg Volume713.11K

PriceGBp606.00+2.45%

P/E Ratio18.94ttm

Pricing delayed 20 minutes Sep 21, 2026, 12:00 AM

Fees repeat every year on money that stays
Most income is annual charges on assets that customers rarely move, giving predictable revenue.
Serves both DIY savers and advisers
Running at scale in both channels widens the pool of assets it can attract.
Bigger scale funds lower prices for customers
Growing size lets it cut charges, which attracts more savers and grows scale again.

Revenue rises and falls with markets
Charges are a percentage of asset values, so falling markets directly reduce income.
Interest on customer cash is a swing factor
AJ Bell keeps part of the interest on idle customer cash, which moves with rates.
Pension and ISA rule changes move customer behaviour
Tax speculation has already triggered over £1 billion of extra pension withdrawals.