AJ Bell PLC has unveiled stronger first-quarter net inflows as DIY investment platform customers jumped and its advised business grew.
Net inflows improved from £1.3 billion to £1.4 billion, as assets under administration and management hit £95.3 billion, against £81.6 billion a year ago.
Platform business customers grew 16% to a record 561,000, fuelled by a 20% increase in direct-to-consumer numbers to 387,000.
Assets under administration across the division grew 17% to a record £89.5 billion in line with the jump.
Chief executive Michael Summersgill noted “competitive pricing” and “elevated pension contributions in the run up to the October Budget” had aided the increase.
“Ahead of the October Budget, speculation around the tax treatment of pensions caused a short-term behavioural change among retail investors, which normalised quickly once the content of the Budget became known.”
Investment business assets under management surged 38% to £7.2 billion in the meantime, which Summersgill dubbed “exceptional”.
He added: “The strong start to the year positions us well as we approach the busy tax year end period.”