UPDATE 3 — Manchester-based investment platform AJ Bell said on Thursday its total customer numbers increased 17% to 232,066 in the year to September 30 and total assets under administration rose 13% to £52.3 billion.
In a trading update AJ Bell said: “Underlying platform inflows, representing organic growth in the year, increased to £5.4 billion (2018: £5.2 billion).”
Shares in AJ Bell, which went public in in December 2018 at 160p, rose about 2.5% on Thursday to around 380p.
AJ Bell CEO Andy Bell said: “Our first full year trading update since the IPO demonstrates the resilience of our business model.
“During periods of unsettled markets and political uncertainty customers have a greater need for established, trustworthy businesses offering high quality service, at low cost to meet their evolving investment needs.
“This has enabled us to continue to add customers and assets to the platform.
“Platform customer numbers continued to grow strongly, up 19% over the year and platform assets under administration increased 16%, despite a 2% fall in the FTSE All-Share.
“Underlying platform inflows remained robust at £5.4 billion and transfers from defined benefit pensions added a further £0.9 billion.
“The long-term growth drivers of the platform market remain strong with customers increasingly looking to take control of their long-term savings with flexible, low-cost, online solutions.
“This, coupled with our strong customer retention rate, positions us well to achieve our organic growth ambitions.”