Manchester-headquartered investment firm AJ Bell has reported an increase in customer numbers.
In a year-end trading update for the 12 months to September 30, the firm revealed customer numbers increased by 17 per cent to 232,066.
Platform numbers increased by 19 per cent to 218,169, up from 34,956, while platform assets under administration increased by 16 per cent over the year to £44.9bn.
Total assets under administration increased by 13 per cent to £52.3bn. The FTSE All-Share index decreased by 2 per cent over the year.
Andy Bell, chief executive at AJ Bell, said its trading update demonstrates the “resilience of our business model”.
He said: “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.”
Underlying platform inflows remained “robust” at £5.4bn, while transfers from defined benefit pensions added a further £0.9bn, Mr Bell said.
He said: “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.”
AJ Bell is due to announce its full results for the year on 5 December 2019.
