AJ Bell first-quarter customer numbers, AUA rise

Investment platform AJ Bell posted a rise in first-quarter customer numbers and assets under administration on Thursday.

In the three months to the end of December, customer numbers rose 13% on the same period a year earlier and 2% on the previous quarter to 434,365.

Meanwhile, assets under administration were £66.3bn, down 3% over the last year but 3% higher on the quarter.

AJ Bell hailed "robust" gross and net inflows during the quarter against a challenging macro backdrop. Gross inflows were £1.9bn, down from £2.7bn in 2021, while net inflows were £0.8bn, versus £1.4bn.

Chief executive Michael Summersgill said: "I am pleased to announce a solid start to the financial year, with our platform continuing to attract new customers and assets across both the advised and direct-to-consumer markets.

"Whilst high inflation has inevitably squeezed household finances, we delivered £0.8 billion of net inflows to the platform during the quarter. This performance demonstrates the value of our dual-channel business model which enables us to capture customer and asset growth from across the whole platform market."