Weak stock markets took the gloss off wealth manager AJ Bell PLC’s (LON:AJB) first update since it listed in December.

Funds under management dropped 4% to £44.2bn even though the group’s investment platform pulled in a £600mln of net new money in the three months to December.

There was a 4% rise in customers using the platform at 190,500 while on an underlying basis, inflows rose 20% year-on-year to £1.2bn.

Andy Bell, chief executive, said the company continued to attract new customers and inflows to the platform in the face of volatile investment markets.

Shares eased slightly to 284.80p but are still 78% up on the float price of 160p.