Hargreaves Lansdown benefited from a number of transfers due to “operational issues” at a competitor
Brexit concerns have not affected Hargreaves Lansdown’s performance with assets under administration reaching £82bn in the three months to 30 September, up 4 per cent since the previous quarter.
The arrival of Vanguard’s UK retail platform in May also did not dent the firm’s popularity with small investors. In the three-month period, Hargreaves Lansdown gained 30,000 new customers, taking the number of active clients to nearly one million.
The firm also saw a rise in net new business of £1.54bn over the same time frame. Revenues for the year-to-date of £104.1m were up 15 per cent on 2016 figures (£90.5m).
The investment firm says the rise in new business for the period was driven by improved market sentiment, continued investment in digital marketing, and an increase in client numbers.
The company says it also benefited from transfers as a result of operational issues on a competitor platform.
Chief executive Chris Hill says: “I’m pleased to report a solid start to the new financial year for net new business and revenue. We continue to place clients at the centre of what we do and our relentless focus on the level of service that we provide is enabling both existing and new clients to save and invest with confidence.”
The results do not include co-founder Stephen Lansdown’s £188m sale of his holdings on 29 September since the settlement of the transaction occurred after period-end on 3 October.