Investment platform AJ Bell reported a jump in third-quarter customer numbers on Thursday, but a drop in assets under administration (AUA) due to adverse market movements.
Customer numbers rose by 14,120 in the quarter to 417,503, up 18% on the year and 4% on the quarter. AJ Bell said this “represents strong ongoing organic growth in what is an uncertain economic environment”.
Meanwhile, AUA were marginally higher over the year at £63.5bn, but down 5% on the quarter, “primarily due to adverse market movements”. AJ Bell noted that during the quarter, the FTSE All-Share Index fell by 6% whilst the MSCI World Index declined 9%.
Chief executive Andy Bell said: “Our trusted, dual-channel investment platform has continued to attract thousands of new customers looking to invest for their future, despite a weakening in investor sentiment over the last six months.
“Overall, our business continues to perform well and our long-term growth prospects remain strong. The continued development of our customer propositions, together with our highly competitive pricing and strong customer service, means we are well positioned to continue growing the business and increasing our market share.”
