Interactive investor adds assets as trading eases from the second quarter

Interactive investor ended September with £111.8 billion of assets under management and administration, up from £107.7 billion in June. Aberdeen’s 21 October update shows its investment platform expanding despite a quieter quarter for customer dealing.[1]

Trading fell 22.2% from Q2, but remained 5.6% above Q3 2025. The £4.1 billion asset increase comprised £2.5 billion of net inflows and £1.6 billion of market and other movements.[1]

How the business earns revenue

The first-half accounts provide the revenue context. For January–June, ii reported £49 million from trading transactions, £100 million of treasury income and £30 million of account fees after marketing incentives. Treasury income reflects interest earned on client cash less interest paid to customers. These are first-half figures, not reported third-quarter earnings.[2]

That mix means transaction counts alone cannot measure the change in profitability. Customer acquisition can support subscription income, while cash balances and the margin earned on them influence treasury revenue. A quarter-end cash figure also differs from the average balance available to earn income throughout a reporting period.[2]

Aberdeen’s earlier pricing explanation reinforces the distinction: first-half trading revenue rose 9% while daily trades rose 42%, partly because lower foreign-exchange fees offset the greater activity. More trades and more revenue need not move at the same rate.[2]

The quarterly update therefore presents two separate operating signals: a larger customer and asset base, and trading activity below the spring’s pace. The revenue composition shows why judging the business requires both.[1][2]

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