AJ Bell inflows decrease even as customer numbers grow
Investment platform operator AJ Bell said on Thursday that inflows had decreased in the three months ended 31 March despite seeing customer numbers grow during the period.
AJ Bell said gross inflows in the quarter came to £2.5bn, down from £2.7bn a year earlier, while net inflows dropped from £1.6bn to £1.2bn.
Customer numbers, on the other hand, increased by 20,643 in the quarter to close at 455,008, up 13% in the last year and 5% in the quarter. Total advised customers came to 153,400, up 12% in the last year and 3% in the quarter, while total direct-to-consumer customers of 301,608 were up 13% in the last year and 6% in the quarter.
The FTSE 250-listed group also noted that assets under management had increased to £3.9bn, up 70% over the last year.
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."
As of 0845 BST, AJ Bell shares were up 1.89% at 333.60p.
Reporting by Iain Gilbert at Sharecast.com