Hargreaves growth buoyed by platform transfers

Pile and a stack of coins with technical chart of financial instruments. A concept about currency trading or investing which investors must analyse and make the right decision for optimal profits.Hargreaves Lansdown has seen new net business hit £3.3bn in the first four months of this year.

In its Q1 trading statement released this morning, the company has seen 60,000 new clients in the period, with assets under management reaching £88.8bn as at 30 April.

The group attributes its Q1 growth to investment in its helpdesk, operations and technology teams.

Hargreaves chief executive Chris Hill says: “The consequence of this is that we are able to support stronger volumes of client activity while maintaining our leading reputation for client service.”

It says the growth in business in Q1 was driven by increased digital marketing, ongoing wealth consolidation onto the Vantage platform and continuation – “albeit on a reduced scale” – of transfers from competitor platforms.

Client numbers for the group have now hit 1,075,000.

Hill adds: “We believe continuing to make investments in client service and technology is crucial to the ongoing success of Hargreaves Lansdown.”

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