AJ Bell’s assets under administration hit a record high of £90.3bn in the first quarter, rising 1% over the three-month period.
This new high marks a 13% increase since the same period last year as its platform business gained 90,000 new customers, bringing its total client base up to 593,000.
The firm’s investment branch also upped its assets under management by 4% to £7.5bn in the first quarter – a 29% increase over the past year.
However, other financial services companies have reported steep losses in the first three weeks of Q2, with Man Group losing all of the assets it gained at the start of the year. The $4bn it made in the first quarter was wiped out by a $5.6bn following Trump’s tariff announcements.
This was also the case with Jupiter and Liontrust, who saw their Q1 outflows double this month as market uncertainty mounted.
See also: Jupiter’s assets fall £1bn in first quarter
Yet Michael Summersgill, chief executive officer at AJ Bell, said trading volumes often increase amid volatility, which its platform business could benefit from.
“Since the quarter end, global trade tariffs and broader macroeconomic uncertainty have created significant market volatility,” he said. “This has led to increased D2C trading activity as customers use the flexibility of our platform to respond to changing market dynamics.
“Whilst recent volatility has impacted market levels, we have a proven track record of growing across different market conditions. There remains a significant structural growth opportunity in the UK platform market and our well-diversified revenue model enables us to continue to invest in our propositions and brand to drive long-term growth.”
See also: Liontrust loses £1bn in first week of April
Summergill also highlighted government plans to simplify investing for savers, which could help boost the firm’s assets further.
“The UK Government’s commitment in the Spring Statement to boost the culture of retail investing through both ISA reform and the ongoing work on Targeted Support was an encouraging step,” he added.
“We believe a powerful combination of straightforward reforms, centred on implementing Targeted Support and simplifying cash and stocks and shares ISAs into a single product, would significantly reduce the barriers between saving and long-term investing.”