Hargreaves Lansdown reaches record assets under administration

(Alliance News) - Hargreaves Lansdown PLC on Friday reported strong client growth and new business in the most recent quarter.

The Bristol, England-based financial services firm and investment platform operator said in the fourth quarter that ended on June 30, in total GBP1.6 billion net new business was secured compared with GBP1.7 billion the same time last year.

In turn, closing assets under administration reached a record figure, rising 16% to GBP155.3 billion from GBP134.0 billion.

Net new clients increased 85% to 24,000 from 13,000, bringing the number of total active clients to approximately 1.9 million from 1.8 million the previous year.

Client retention reduced to 91% from 92%.

Chief Executive Officer Dan Olley said: "While we still have more to do to deliver against our strategic priorities, we are making progress and I'm pleased to see ongoing good momentum this quarter,

"We operate in a large and growing market, and our purpose, to make it easy to save and invest for a better future has never been more relevant, so we welcome the new government's early focus on growth and encouraging more people to engage with their finances."

Hargreaves Lansdown shares were down 0.7% to 1,100.00 pence each in London on Friday morning.

By Elijah Dale, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.