AJ Bell, the newly floated funds platform that’s made a fortune for founder Andy Bell, is still hoovering up cash despite turbulent stock markets.
In the three months to December the firm drew in £1.2 billion in funds, 20% ahead of last year, directly from investors as well as from the thousands of financial advisers who use its platform.
Customer numbers rose 4% to 190,498 over the period when AJ Bell made its stock-market debut.
It couldn’t defy the gravity of falling markets, however. Plunging global markets wiped £2.7 billion off the company’s total assets under management to £44.2 billion.
Despite the wider market turbulence, AJ Bell’s shares have done well since floating at 160p last month and climbed another 1%, or 2.7p, to 287.7p today.
That puts a £1.2 billion price tag on the company, with Bell’s 25% stake worth £300 million.
While business from pension transfers is slowing, the platform market remains healthy, he said.
