(Alliance News) - AJ Bell PLC on Thursday reported that assets on its investment platform rose by almost one third, hitting the GBP70 billion mark for the first time.
Assets under administration reached GBP70.4 billion on June 30, a rise of 30% over the last year and 8% over the recent quarter, AJ Bell's financial third quarter. Total net inflows during the quarter were up 50% year-on-year at GBP1.8 billion.
Shares in AJ Bell were up 3.3% at 421.40 pence in London on Thursday.
AJ Bell highlighted "strong organic growth in both the direct-to-consumer and advised markets", with platform customers up 32% over the year and net inflows up 40% compared to the third quarter last year. Total customer numbers rose by 30% over the past year to 368,033.
Its investment business also performed well with assets under management reaching the GBP2 billion milestone just six months after passing GBP1 billion.
In the advised market, third-quarter platform inflows were up 57% compared to a year before. AJ Bell attributed the improvement to the introduction of simplified pension options which gave customers "different price points and flexible investment options".
"As we head into the final quarter of our financial year, we remain focused on providing an excellent service to our customers and continuing to support our people as we navigate the current wave of the pandemic," Chief Executive Officer Andy Bell said.
"Looking further ahead, the structural growth drivers for our sector remain strong and we are well placed to deliver further growth across our platform."
By Will Paige; willpaige@alliancenews.com
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AJ Bell (AJB)
