AJ Bell inflows decrease even as customer numbers grow
AJ Bell
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17:15 27/12/24
Investment platform operator AJ Bell said on Thursday that inflows had decreased in the three months ended 31 March despite seeing customer numbers grow during the period.
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AJ Bell said gross inflows in the quarter came to £2.5bn, down from £2.7bn a year earlier, while net inflows dropped from £1.6bn to £1.2bn.
Customer numbers, on the other hand, increased by 20,643 in the quarter to close at 455,008, up 13% in the last year and 5% in the quarter. Total advised customers came to 153,400, up 12% in the last year and 3% in the quarter, while total direct-to-consumer customers of 301,608 were up 13% in the last year and 6% in the quarter.
The FTSE 250-listed group also noted that assets under management had increased to £3.9bn, up 70% over the last year.
Chief executive Michael Summersgill said: "I am pleased to report another quarter of robust trading performance which once again demonstrates the strength of our dual-channel business model."
As of 0845 BST, AJ Bell shares were up 1.89% at 333.60p.
Reporting by Iain Gilbert at Sharecast.com