AJ Bell is to provide access on its adviser platform to selected DFM funds from the second half of 2020, it revealed in its six month interim results out today.

The company said it would open up its advised platform to a “select group” of Third Party Discretionary Fund Managers (TPDFM).

It added: “We will provide the tax wrapper, custody, dealing and settlement service whilst the adviser appoints a TPDFM to manage the funds.”

The initiative follows a strong set of results for the six month period ended in March today although Assets Under Management fell by 8% to £48.3m due to “adverse market and other movements.”

During the period revenue climbed 22% to £60.9m and pre-tax profit jumped 28% to £22.7m.

Total customer numbers increased to 262,179, up 22% over the last 12 months and 13% in the first half of the current financial year.

Total net inflows for the period were £2.1bn, up from £1.8bn last year fuelled by platform net inflows.

The company says it will pay an interim dividend of 1.5p per share and has reaffirmed its commitment to future dividend payments.

AJ Bell chief executive Andy Bell said he expected the impact of Covid-19 to be “felt for a long time” but believed the company was robust enough to weather the storm.

He said: “This is a strong financial performance at a time when the country faces one of its most significant challenges in decades. Our focus has been to keep our people safe while continuing to provide the vital services our customers need during times of market volatility and being here to service their needs.

“This unwavering attention on our customers’ needs has helped us deliver strong organic growth in revenue and profitability. Our customer numbers increased by a record 30,113 during the period and we saw net inflows of £2.5 billion to our core platform offering.

“The effects of the Covid-19 crisis are likely to be felt for a long time, although the precise impact it will have on markets, investor sentiment and economic policy is hard to predict. However, we have operated profitably during periods of market volatility and low interest rates before and our business model has proved very resilient.”