Hargreaves Lansdown saw a drop in flows in the first four months of 2019, during which the investment platform saw net new business of £2.9bn, compared to £3.3bn in the same period last year.
In a trading update Hargreaves Lansdown said that while the beginning of year started slowly, new business flows picked up during a “strong” tax year end, but did not provide further breakdown of inflows for individual months in the reporting period.
The new flows, combined with rising stock markets contributing to £9 billion of the recovery in assets, were enough to bring the firm’s assets under administration to a record £97.8bn as at 30 April, 2019.
The first four months of 2019 brought Hargreaves 97,000 net new clients.
The company also started seeing fruits of its recent deals. At the beginning of year, Hargreaves started the acquisition of 16,000 clients from Witan Investment Services. The direct platform plans to finalize transferring Witan’ client book before the end of year. The transfer process has already added £267m to Hargreaves assets.
The transfer process of client books from J.P. Morgan and Baillie Gifford will also commence before the year end, with most of the clients and their respective assets expected to arrive in the early months of the next financial year.
Hargeaves Lansdown’s trading update reads: “We look forward to welcoming these new clients and delivering them an exceptional client experience.”