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(Alliance News) - AJ Bell PLC on Thursday reported that customer numbers and assets under management and administration increased in the second quarter of its financial year.
The Manchester-based investment platform provider said its customer numbers increased by 13% against the year prior to close at 455,008 on March 31. A year before, customer numbers closed the quarter at 404,383.
AJ Bell's assets under administration in its Platform division closed the quarter at GBP68.6 billion, up 2.5% from GBP66.9 billion a year prior. Assets under management in its Investments division closed at GBP3.9 billion, up 70% from GBP2.3 billion the previous year.
The Platform business booked GBP1.2 billion in net inflows during the recent quarter, down 25% from GBP1.6 billion a year before. The Investments arm saw "record" net inflows of GBP500 million, up from GBP200 million.
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. We have continued to grow customer numbers and assets under administration across the platform, building on our latest market share gains in both the advised and [direct to consumer] markets.
"After a slightly subdued start to 2023, there was strong momentum in the run up to the tax year end, with GBP1.2 billion of gross inflows and GBP600 million of net inflows in March alone as customers and advisers took advantage of annual pension and ISA allowances."
AJ Bell expects to announce its results for the six months ended March 31 on May 25.
Shares in AJ Bell were up 1.5% at 332.40 pence on Thursday morning in London.
By Heather Rydings, Alliance News senior economics reporter
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