StockMarketWire.com - AJ Bell said it expected half-year performance 'slightly ahead' of market expectations after total assets under administration rose in the second quarter led by its platform business.

For the three months ended 31 March 2019, total customer numbers increased 5% in the quarter to 214,853, with total assets under administration up 8% to £47.7bn.

The company attributed the growth to strong performance of its platform business, which saw customer numbers increased by 10,424 to a record high of 200,922, up 5% for the quarter.

Platform AUA increased 9% to a new high of £40.6bn and was further boosted a combination of underlying net inflows of £0.8bn, defined benefit pension transfers of £0.2bn and favourable market movements of £2.3bn.

'Trading in the second quarter of our financial year remained robust despite continued weak investor sentiment. We continued to attract new customers and assets to our platform, with both measures hitting new highs during the period. This positions us well for an improvement in investor sentiment,' said Andy Bell, Chief Executive Officer at AJ Bell.

'We are due to announce our interim results on 23 May and we expect our financial performance to be slightly ahead of current market expectations.'



DISCLAIMER: AJ Bell, referenced in this article, is the owner of Stock Market Wire.





At 10:29am: [LON:AJB] share price was +12.5p at 389.5p



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