AJ Bell posts higher AUA on recovering investor sentiments
Adds background, details, and CEO's comment
July 18 (Reuters) -British investment platform AJ Bell AJBA.L recorded a 20% year-on-year jump in its third-quarter assets under administration (AUA) for its platform business on Thursday, helped by a revival in investor sentiment.
Stabilising market conditions and a slew of price reductions have reeled in new business for the investment platform. The company had recorded higher outflows and lower retention rates in 2023 as the conflicts in Ukraine and Gaza and uncertainty over interest rates proved a drag on confidence.
AJ Bell operates in both the direct-to-consumer (D2C) and advised markets through its platform business and AJ Bell Investments.
"Recent stock market performance has boosted confidence amongst D2C customers, resulting in higher levels of dealing activity in recent months, with international dealing activity being particularly strong, said CEO Michael Summersgil said.
The London-listed company recorded AUAof 83.7 billion pounds ($108.87 billion), up 4% sequentially. Assets under management for AJ Bell Investments rose 9% over the quarter to 6.3 billion pounds.
Quarterly net inflows to its platform business rose to 1.7 billion pounds from 1.1 billion pounds a year ago.
($1 = 0.7688 pounds)
Reporting by Yamini Kalia in Bengaluru; Editing by Janane Venkatraman
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