INVESTMENT platform AJ Bell recorded a dip in assets under management (AUM) in the past three months despite net inflows of £1.5bn, as market turbulence took its toll on the firm.

Bosses at AJ Bell said yesterday the firm had £74.1bn in AUM, up 15 per cent on last year, but two per cent down in the last three months.

Total customer numbers at the firm have jumped over a fifth on last year, however, with a five per cent jump in the last quarter.

Boss Andy Bell said the resilience had proved the strength of its business model across "different market conditions".

"Our dual-channel platform, serving the growing advised and D2C platform markets, attracted over 20,000 new customers and significant net inflows during the second quarter despite weakened investor sentiment," he said.

The firm notched total net inflows in the quarter of £1.5bn despite market turbulence, and Bell said the firm was now looking to tap into a new segment of the market with the launch of a new retail app, Dodl, this week.

"We believe it will be particularly attractive to the 8.6m adults in the UK who hold more than £10,000 of investible assets in cash, especially in the current climate of rising inflation," Bell said.

(c) 2022 City A.M., source Newspaper