AJ Bell delivers 'resilient' FY inflows
By Iain Gilbert
Date: Thursday 20 Oct 2022
(Sharecast News) - Online stockbroker AJ Bell said on Thursday that both gross and net inflows were "resilient" in the year ended 30 September against a "volatile" market backdrop
AJ Bell posted full-year gross inflows of £10.1m, down from £10.9bn a year earlier, and net inflows of £5.8bn, a £1.2bn year-on-year drop.
Customer numbers increased 16% year-on-year to 425,652 as its dual-channel model helped deliver "strong organic growth" in both advised and direct-to-consumer customers.
Assets under administration closed the year down 2% at £64.1bn, with strong net inflows in the year offset by adverse market movements of 11%. Assets under management increased by 27% in the year to close at £2.8bn.
Chief executive Michael Summersgill said: "Despite the challenging economic backdrop, our business model continues to perform exceptionally well. We have a talented and experienced management team in place that is focused on achieving our growth ambitions in the investment platform market."
As of 0825 BST, AJ Bell shares were up 0.34% at 298.0p.
Reporting by Iain Gilbert at Sharecast.com
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