🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

AJ Bell passes half a million customers mark

Published 18/04/2024, 08:22
© Reuters AJ Bell passes half a million customers mark

Proactive Investors - AJ Bell (LON:AJBA) said customer numbers rose above 500,000 In its latest quarter though it undershot other metrics

Some19,000 new accounts were signed up in the three months to 31 March, up 4% in the quarter and by 11% over the past twelve months taking the total to 503,000.

Assets under management rose by 5% in the quarter to £80.3 billion, below some forecasts, though net inflows of £1.6bn were ahead of estimates with a gross of £1.4 billion added in March alone ahead of the close of ISA season.

Along with other wealth platform operators, AJ Bell has come under regulatory scrutiny recently under financial customer duty of care rules especially how much they pay in interest on idle funds.

Michael Summersgill, chief executive, said Bell remained "committed to providing low-cost, easy-to-use products"

“On 1 April we reduced our custody fees for advised customers and halved our headline dealing fee for D2C customers to £5," he said.

"We also increased the interest rates payable on cash balances held across all our products, further strengthening our overall customer value proposition,”

How much impact this will have on its profitability was not indicated.

Read more on Proactive Investors UK


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.