(Alliance News) - Stockbroker AJ Bell PLC on Thursday said its customer numbers rose in second quarter, but it reported a fall in assets under administration amid "adverse" market movements.
Assets under administration were GBP48.3 billion at the end of March, down 12% from GBP54.7 billion at the start of the second quarter. Year-on-year, they climbed 1.3% from GBP47.7 billion.
"AUA fell by 12% in the quarter due to adverse market and other movements. The FTSE All-share was down 26% over the same period," AJ Bell noted.
Customer numbers surged 22% annually to 262,179 and climbed 8.7% quarter-on-quarter.
Chief Executive Officer Andy Bell said: "This quarter was without doubt one of the most dramatic we've witnessed. We had to move quickly to keep our people safe from Covid-19 and comply with the government lockdown. I'm pleased that we were able to do that effectively whilst remaining open for business as usual during a very busy tax year end period.
"The Covid-19 crisis continues to have a devastating impact on people's lives and the economic outlook remains uncertain. We have confirmed that we are not furloughing any staff or claiming benefits from any of the government's financial support schemes which should be preserved for those companies that need them most."
Shares in the company were 4.6% higher at 312.88 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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AJ Bell (AJB)