Investment platform AJ Bell has boosted assets to more than £50bn for the first time according to a trading update in respect of the three months ended 30 June.

Total customer numbers increased 5% in the quarter to 224,644, with total assets under administration breaking through the £50bn mark to stand at £50.7bn, an increase of 6% over the quarter and 13% over the past year.

AJ Bell says its growth during the period was driven by the platform business and highlights included:

·        Platform customer numbers increased by 9,843 to 210,765, up 5% during the quarter

·        Platform AUA increased by 7% over the quarter to £43.4bn

·        Platform AUA was boosted by a combination of underlying net inflows of £1bn, defined benefit pension transfers of £0.2bn and favourable market movements of £1.6bn
 
Andy Bell, chief executive, said: “Trading in the third quarter of our financial year remained strong across our advised and direct to consumer platform. 

“We continue to focus on the needs of advisers and customers, making it as easy as possible for them to invest and this has resulted in assets under administration breaking through the £50bn mark. 

“People need to save more via their pensions and ISAs for the long term and our platform and investment solutions help them do that easily and cost effectively.”