AJ Bell gains from Woodford fiasco winning 34,154 new customers in fight with rival Hargreaves Lansdown
AJ Bell, which is run by founder Andy Bell, bumped up its customer numbers by 17 per cent in the year to September 30
AJ Bell has pulled in 34,154 customers over the last year as it steps up its battle with Hargreaves Lansdown.
The investment platform, which is run by founder Andy Bell, bumped up its customer numbers by 17 per cent in the year to September 30.
The amount of money it looks after for savers climbed by 13 per cent to £52.3billion as investors piled £5.4billion into AJ Bell’s platform to buy funds and shares.
The increase came as AJ Bell’s biggest rival, Hargreaves Lansdown, was caught up in the scandal engulfing Neil Woodford after years of backing the troubled stock picker’s funds.
HL continued to recommend Woodford’s Equity Income fund on its closely-watched Wealth 50 best-buy list right up until it was suspended in June, despite its poor performance.
Bell said: ‘During periods of unsettled markets and political uncertainty, customers have a greater need for established, trustworthy businesses.’