(Alliance News) - AJ Bell PLC on Thursday reported "record" assets under administration in the three months to December 31, with customer numbers growing as well as gross and net inflows.
The Manchester, England-based investment platform operator said assets under administration grew 15% to GBP76.2 million in the last three months of 2023.
This was a 15% increase from the GBP66.3 billion recorded in the same period in 2022, and a 7% increase from the previous quarter.
AJ Bell said its customer numbers for its platform business grew by 2% to 484,000 in the three months, and by 8% in the last year. This figure is made up of 161,000 advised customers and 323,000 direct-to-consumer customers.
In addition, its platform business saw a "significant" year-on-year rise in gross and net inflows, with gross inflows of GBP2.7 billion in the quarter, up 42% compared to GPB1.9 billion a year ago. Net inflows in the three month period were GBP1.3 billion, up 63% from GBP800 million in the same period in 2022.
Chief Executive Officer Michael Summersgill commented: "I am delighted to report an excellent start to the financial year, with first quarter net inflows across the platform being higher than in any individual quarter of FY23. Together with favourable market movements, platform assets under administration increased by 7% to reach a record GBP76.2 billion.
"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. Platform net inflows of GBP1.3 billion in the quarter were up 63% on the GBP800 million reported in the prior year, reflecting increased confidence among retail investors compared to a year ago."
Shares in AJ Bell were up 5.9% to 314.68 pence each in London on Thursday morning.
By Sabrina Penty, Alliance News reporter
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AJ Bell (AJB)
