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.’