25th Jul 2019 09:24
(Alliance News) - AJ Bell PLC on Thursday reported a rise in funds under administration in the third quarter with its investment platform seeing a growth in customers.
AJ Bell was among the early risers in the FTSE 250 in early trading, adding 4.6% to sit at 447.76 pence.
At June 30, the stockbroker and online investment platform said its total assets under administration stood at GBP50.7 billion compared to GBP47.7 billion at March 31, which represents a 6.3% rise.
The company saw total net inflows of GBP1.2 billion with market movements adding GBP1.8 billion.
AJ Bell seen a 5% rise in customer numbers in the quarter to 224,644. The company's Platform saw customer numbers rise 5% to 210,765.
"Trading in the third quarter of our financial year remained strong across our advised and direct to consumer platform," said Chief Executive Andy Bell.
AJ Bell ended the quarter with GBP32.8 billion in Advised funds under administration, 6.1% higher than the Advised funds three months earlier. Direct to Consumer funds grew 9.3% in the quarter to GBP10.6 billion.
Bell continued: "We continue to focus on the needs of advisers and customers, making it as easy as possible for them to invest and this has resulted in assets under administration breaking through the GBP50 billion mark. People need to save more via their pensions and ISAs for the long term and our platform and investment solutions help them do that easily and cost effectively."
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