AJ Bell has promoted Ryan Hughes to be its new investments director to lead its range of multi-assets funds and the managed portfolio service for financial advisers.

Mr Hughes joined the platform in 2016 from Apollo Multi Asset Management.

Most recently he was head of investment partnerships, overseeing bespoke MPS portfolios for advised firms. He will continue to be involved in these sectors under his new role.

Prior to Apollo, Mr Hughes spent eight years as a senior fund manager at Skandia, now Quilter, as a member on their Investment Committee and Global Asset Allocation Committee.

The platform is also currently in the process of appointing a new head of investment reach and head of investment product.

Kevin Doran, CIO and managing director at AJ Bell, said: “Ryan has played a vital role in developing AJ Bell’s leading range of investment solutions for both advised and D2C customers. As investments director, we’re delighted he’ll be able to continue that fantastic work and spearhead the growth of our investment range.”

Advised customers increased 10% year-on-year to 159,256 for platform and SIPP provider AJ Bell for the year ending 30 September.

Total customers increased 12% as direct customers increased to 317,276.

Despite the increased customer number, both gross and net inflows fell. Gross inflows for the year were £9.3bn in comparison to £10.1bn the previous year.

Net inflows fell to £4.2bn (FY22: £5.8bn).

Despite the drop in flows, AJ Bell hit record assets under administration of £70.9bn, a rise of 11% year-on-year, contributed to by favourable market movements of 4%.

AJ Bell’s investment arm reported a 57% increase in net inflows to £1.65bn (FY22: £1.05bn), with assets under management at the end of the year at £4.7bn (FY22: £2.8bn).