Investment platform AJ Bell has reported a 47% increase in pre-tax profit £61.4m for its first half of 2024 which ended on 31 March (HY23: £41.9m).

Nine out of 10 UK pension funds (91%) have underperformed a FTSE All Share tracker over 10 years, new figures show.

Platform and SIPP provider AJ Bell saw £1.9bn in outflows in its quarter ending 31 March despite customer numbers topping 500,000 for the first time, it reported today.

AJ Bell’s adviser platform Investcentre has axed or cut several custody charges on its platform and is increasing the amount of interest paid on clients’ cash.