22nd Jan 2020 08:48
(Alliance News) - AJ Bell PLC on Wednesday reported a rise in assets under administration over its first quarter, with its investment platform business seeing growth in customer numbers.
In the three months to December 31, assets under administration rose 24% year-on-year to GBP54.7 billion from GBP44.2 billion. This represents a quarter-on-quarter climb of 4.6% from GBP52.3 billion in the third quarter.
The stockbroker and investment platform provider said total customer numbers rose 18% year-on-year to 241,152, from 204,483. On the investment platform alone, numbers climbed 19% to 227,202 from 190,498 in the same period last year.
The company explained: "Our investment platform continues to attract new customers and assets as we maintain our focus on being the easiest platform to use in order to help our customers to invest. December saw the unlocking of the parliamentary deadlock, which boosted markets towards the end of the period. Combined with positive net inflows onto the platform, this helped our platform assets under administration increase to a new high of GBP47.2 billion, up 27% compared to a year ago.
"Whilst Brexit is by no means resolved, a majority government does at least provide some clearer direction which many investors will appreciate as they consider making the most of their ISA and pension allowances before the end of the tax year."
Shares in the company were 1.5% lower at 398.50 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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