AJ Bell, the U.K. investment platform, has seen a rise in its assets under management and under administration in the first quarter of fiscal 2024. This growth can be attributed to more favorable market conditions and increased investor confidence.
As of December 31, the assets under administration for AJ Bell’s platform business stood at £76.2 billion ($96.59 billion), compared to £70.9 billion three months prior. The company also reported net inflows of £1.3 billion, driven by growing retail investor confidence.
Chief Executive Michael Summersgill commented on the positive quarter, stating that some of the macroeconomic challenges faced in 2023 were showing signs of improvement. This led to higher global equity markets and alleviated some of the pressure on household finances.
AJ Bell’s non-platform business also experienced growth, with assets under administration increasing from £5.2 billion to £5.4 billion.
In addition, AJ Bell Investments saw a significant rise in assets under management, reaching £5.2 billion—a growth of 11% over the quarter.
The company’s customer base also expanded, with total customer numbers increasing from 491,000 to 499,000.
Summersgill expressed satisfaction with the strong start to the year, highlighting the momentum it has provided for the group.
As of 0803 GMT, AJ Bell’s shares have increased by 8 pence or 2.7% to reach 305.2 pence.
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