View more on these topics

Hargreaves Lansdown holds up in crisis

Hargreaves Lansdown saw assets under administration fall by 7 per cent in the period from June to September this year.

Chief executive Peter Hargreaves believes that the results are fantastic in comparison with the state of play in the markets, where the index is down by 13 per cent over the same period.

The company platform Vantage saw assets under administration fall from £10bn to £9.3bn but Hargreaves says that the fall in unit prices has been counteracted to an extent by the number of units sold by the company.

He says: “We have almost been insulated from the los- ses seen in the market while our operating revenue has gone up across most areas of the business.

“The aim for the future is to focus on creating a sustainable profit and doing what is best for our clients.”

Hargreaves considers that investor confidence has been shaken over the past few months and that the environment is unlikely to improve in the near future.

He says: “We are going to be in a hell of a state for at least five years. The Government is overspending, the public sector is too big and thousands will lose their jobs. I have no good news.”

Recommended

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com