18th Jul 2024 12:08
(Alliance News) - AJ Bell PLC on Thursday announced a sound increase in the number of customers and assets under administration, as it looked towards the future with optimism.
The Manchester, England-based retail investment platform operator said at its Platform business, it advised a total of 168,000 customers in the three months to June 30, its third financial quarter, up 7.4% from 156,368 it had reported a year prior.
Total direct-to-customer numbers at the Platform business shot up 17% year-on-year to 360,000. A year ago, it had reported 309,246 D2C customers.
Chief Executive Officer Michael Summersgill said: "Recent stock market performance has boosted confidence amongst D2C customers, resulting in higher levels of dealing activity in recent months, with international dealing activity being particularly strong. Our ongoing investment in our brand and products, including recent price reductions, has fuelled customer growth with the organic increase in D2C customers in Q3 being more than double the level achieved in the prior year."
Assets under administration at the Platform business jumped 20% to GBP83.7 billion from GBP69.8 billion.
At AJ Bell Investments, assets under management surged 47% to GBP6.3 billion from GBP4.3 billion a year ago.
CEO Summersgill said: "We enter the final quarter of our financial year with strong momentum. Our dual-channel strategy and continued investment into our brand, technology and products puts us in an excellent position to capture further market share gains in both the advised and D2C platform markets."
AJ Bell shares rose 5.5% to 419.00 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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