Hargreaves Lansdown has reported a 24 per cent jump in new business in the first quarter of its 2011 financial year, despite reporting a fall in its total assets under administration.
The firm recorded a £0.68bn of new business inflows, up 24 per cent on the same period in 2010, while revenue stood at £57.2m, up 27 per cent from the first quarter of 2010.
Hargreaves Lansdown has seen assets on its Vantage platform fall 9 per cent from £24.6bn at June 30, 2011 to £22.3bn at September 30, 2011. The firm has cited a fall in markets for the drop in assets.
Hargreaves Lansdown has also reported an 8,000 increase in client numbers to 388,000.
Chief executive Ian Gorham says: “The quarter’s results have been encouraging in a difficult period. Net new business, revenues and client acquisition all show a healthy increase on the same period in 2010 despite the FTSE All Share index decreasing by 14 per cent in the period and the investing landscape being dogged by volatility and macro-economic uncertainty. By comparison, the same quarter last year saw a 12.7 per cent increase in the same index. The fall in stock markets during the first quarter has understandably led to a decrease in the value of assets under administration. “