Investment platform AJ Bell has unveiled its plans for the second half of the 2020.
In a trading update, the firm said it will open up its advised platform to a select group of third party discretionary fund managers (TPDFM) in the second half of 2020.
AJ Bell will provide the tax wrapper, custody, dealing and settlement services, while advisers will appoint the TPDFM to manage the funds.
No further details on the plans were given.
Results
AJ Bell reported on 21 May that it had net inflows of £2.5bn ($3.05bn, €2.79bn) to its platform over the six-month period ending 31 March 2020.
Around £1.1bn of this was from new business on its advised platform, while its D2C business took in a further £1bn and defined benefit (DB) inflows contributed £400m.
Sales were up 22% to £60.9m.
Adverse market movements dragged the firm’s assets under administration down 8% to £43.8bn.
It also reported a 22% increase in revenue to £61m, while its profit before tax rose 28% to £22.7m, when compared with the same time period in the previous year.
