AJ Bell assets under administration hit record level in Q1
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Investment platform operator AJ Bell said on Thursday that assets under administration had hit record levels in the three months ended 31 December, driven by increased customer numbers and a "significant" year-on-year increase in gross and net inflows.
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AJ Bell said total advised customers in its platform business were up 8% year-on-year at 161,000, while total direct-to-consumer customers shot up 13% in the first quarter to 323,000.
The FTSE 250-listed its platform unit also delivered record assets under administration of £76.2bn, up 15% in the last year, while gross inflows rose from £1.9bn to £2.7bn and net inflows improved to £1.3bn from £800,000.
AJ Bell Investments saw assets under management surge 53% year-on-year to £5.2bn, while net inflows were flat year-on-year at £400,000.
Chief executive Michael Summersgill said: "Some of the macroeconomic headwinds experienced throughout 2023 showed signs of improving in the quarter, driving global equity markets higher and easing some of the pressure on household finances.
"As we look ahead, our platform will continue to appeal to both current and potential customers and advisers. We continue to invest in enhancing our propositions, with a strong focus on ease of use, whilst also investing in our pricing to ensure we continue to deliver great value to customers."
As of 0900 GMT, AJ Bell shares were up 2.29% at 304.0p.
Reporting by Iain Gilbert at Sharecast.com