LONDON (ShareCast) - (Sharecast News) - Stockbroking services and investment platform provider AJ Bell updated the market on its first quarter of trading on Wednesday, reporting a 4% increase in total customer numbers to 241,152, with total assets under administration up 5% to £54.7bn.
The FTSE 250 company said its growth during the three months ended 31 December was driven by the platform business, with platform customer numbers up by 9,033 to 227,202, or 4% in the quarter.

Platform assets under administration, meanwhile, rose 5% to £47.2bn, with advised platform assets under administration ahead 4% at £35.2bn, and direct-to-consumer (D2C) platform assets up 8% to £12bn.

Underlying platform inflows, representing organic growth in the quarter, were up to £1.3bn from £1.2bn year-on-year.

"Our investment platform continues to attract new customers and assets as we maintain our focus on being the easiest platform to use in order to help our customers to invest," said chief executive officer Andy Bell.

"December saw the unlocking of the parliamentary deadlock, which boosted markets towards the end of the period."

That, combined with positive net inflows onto the platform, helped the platform assets under administration increase to a new high of £47.2bn, Bell said, which was up 27% compared to a year ago.

"While Brexit is by no means resolved, a majority government does at least provide some clearer direction which many investors will appreciate as they consider making the most of their ISA and pension allowances before the end of the tax year."

At 0813 GMT, shares in AJ Bell were down 1.11% at 400p.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE