AJ Bell PLC (LON:AJB) pulled in £1.3bn of new money in the three months to March, though the wealth manager said the market volatility had sharply reduced the value of assets invested through its platform
It was a record quarter In terms of new sign-ups, said Bell, with customer numbers 9% higher to just over 248,000 while new money inflows jumped 30% from the comparable three months a year ago.
Total assets under administration fell by 12% in the quarter to £48.3bn due to adverse market and other movements, though AJ Bell pointed out the FTSE All-share fell 26% over the same period.
Andy Bell, chief executive, said it was a resilient performance in one of the most dramatic quarters the company has witnessed since its formation in 1995.
"This resilience is reflected in our new business figures which are very strong compared to last year.
“Our platform delivered encouraging organic growth in both customers and net inflows as we continued to support advisers and customers throughout this unprecedented situation.”
Bell added the company would not be furloughing any staff or claiming benefits from any of the government's financial support schemes, which he said should be preserved for those companies that need them most.