21st Jan 2021 09:51
(Alliance News) - AJ Bell PLC on Thursday reported an increase in customer numbers, inflows, and assets under administration in its first financial quarter due to increased brand awareness.
As at December 31, the end of the UK investment platform's first quarter, total customer numbers totalled 312,309, up 30% from 241,152 customers the year before.
Total net inflows for the three months ended December 31 came to GBP1.6 billion, twice the level for the same quarter of financial 2020 of GBP800 million.
As at December end, AJ Bell's total assets under administration had increased 14% to GBP62.5 billion from GBP54.7 billion the year before. Assets under management doubled to GBP1.0 billion on December 31 from GBP500 million the prior year.
Chief Executive Andy Bell attributed the rise in customer numbers, net inflows, AuA and AuM to "increased awareness and trust" in the company's brand, which he said "continued to attract new advisers and customers".
Looking ahead, he said: "Our market leading platform propositions and investment solutions position us well to benefit from the need for people to take control of their long-term financial affairs, and we approach the traditionally busy tax year end period with confidence."
Shares in AJ Bell were up 0.3% at 468.70 pence in London on Thursday morning.
By Anna Farley; [email protected]
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