Aberdeen Group PLC (LSE:ABDN) climbed towards the top of the FTSE 100 on Thursday after saying its Interactive Investor platform is on course for a record second-quarter net inflows.
Net inflows are expected to exceed £3.7 billion in the second quarter, up 23% on the first quarter and more than 50% higher than the same period last year, with five trading days of the period still remaining.
Jefferies predicts a stronger-than-expected performance for the group and positive read-across for platform rival AJ Bell PLC (LSE:AJB).
Analyst Julian Roberts said the figure was well ahead of the Visible Alpha consensus forecast of £1.9 billion.
"We would assume that the driver has been higher inflows rather than lower outflows, and that is probably the result of good marketing in a favourable environment," Roberts said.
"Impending tax increases on pension assets and a reduction in the cash ISA allowance have probably encouraged more people to invest their savings."
Roberts said the stronger flows would only increase earnings estimates modestly because ii accounts for part of the wider Aberdeen group.
However, he said the update demonstrated strong momentum in the direct-to-consumer investment platform market and should also be positive for peers, particularly AJ Bell, which Jefferies expects to have delivered a similarly strong second quarter.
