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Hargreaves Lansdown Isa sales double

Hargreaves Lansdown has seen its Isa sales double in the last tax year as the firms assets under administration grew 13 per cent in the first quarter of 2010.

Isa contributions for the tax year ended April 5, 2010, stood at £812m, compared to £412m for the previous year, while assets under administration jumped from £15.6bn to £17.6bn in the first quarter of 2010.

The total value of assets on its Vantage service also increased 13.2 per cent from £14.4bn at December 31, 2009, to £16.3bn at March 31, 2010. The group says this is due to £1bn of new business inflows with a further £0.9bn due to improved growth factors. The group also saw investments into its Sipp and and its Portfolio Management Service and range of multi-manager funds increase.

Hargreaves Lansdown also revealed that its operating revenue for the third quarter also increased 20 per cent compared to the same period in 2009. Operating revenue for the first nine months to March 31, 2010 stood at £113.9m, 16 per cent higher than the same point in 2009.

Chief executive Peter Hargreaves says: “The government have on the one hand, assisted our business with the increase in the ISA allowance, whilst at the same time provided pension legislation so complicated and incomprehensible that it left investors bemused.  Nevertheless we experienced our best quarter ever.

“This quarter’s trading has been memorable in two ways; the unprecedented volume of business and the number of new clients.  This exponential growth in new clients we can only attribute to our ever growing reputation for quality of service, client care and information.

“The election will be the next most significant external stimulus to our business.  The result and the victor’s response to the deficit will have material effects on our economy, sterling and the stock market.”

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