Business

Surge of young investors in lockdown helps boost profits at AJ Bell

Surge of young investors throughout lockdowns helps boost profits at AJ Bell

A surge of young investors in the course of the coronavirus lockdown has helped boost profits at AJ Bell.

The fund grocery store added a document quantity of customers in the six months to March and mentioned the typical age of these on its Youinvest platform is 38.

But boss Andy Bell additionally issued a warning concerning the crypto-currency craze, saying his recommendation to somebody questioning if they need to make investments was: ‘Don’t.’

Younger investors: Fund grocery store AJ Bell added a document quantity of customers in the six months to March and mentioned the typical age of these on its Youinvest platform is 38

AJ Bell’s belongings beneath administration rose to £65.2billion, up 35 per cent in comparison with a year in the past.

Bell mentioned the agency noticed an inflow of customers in the course of the pandemic, as individuals caught indoors throughout lockdowns determined to attempt investments as a substitute for low-interest financial savings accounts.

That helped AJ Bell add 51,492 prospects from October to March, taking the entire to 346,797.

At the identical time, the agency introduced in revenues of £73.9million, up 21 per cent on the identical interval a year in the past. Profits rose 39 per cent to £31.6million.

Bell mentioned: ‘Covid has been a wake-up call for people to take control of their finances and I think that is here to stay.

‘We are getting people in their 20s coming through.’

Advertisement

Back to top button