Surge of young investors during lockdowns helps boost profits at AJ Bell
A surge of young investors during the coronavirus lockdown has helped boost profits at AJ Bell.
The fund supermarket added a record number of users in the six months to March and said the average age of those on its Youinvest platform is 38.
But boss Andy Bell also issued a warning about the crypto-currency craze, saying his advice to someone wondering if they should invest was: ‘Don’t.’
Younger investors: Fund supermarket AJ Bell added a record number of users in the six months to March and said the average age of those on its Youinvest platform is 38
AJ Bell’s assets under administration rose to £65.2billion, up 35 per cent compared to a year ago.
Bell said the firm saw an influx of users during the pandemic, as people stuck indoors during lockdowns decided to try investments as an alternative to low-interest savings accounts.
That helped AJ Bell add 51,492 customers from October to March, taking the total to 346,797.
At the same time, the firm brought in revenues of £73.9million, up 21 per cent on the same period a year ago. Profits rose 39 per cent to £31.6million.
Bell said: ‘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.’