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Hargreaves’ Vantage flows drop 16% on Brexit fears

Stockmarket-Stock-Market-FTSE-Performance-700x450.jpgHargreaves Lansdown’s Vantage platform saw net inflows fall 16 per cent in the first four months of the year as investor concerns around Brexit and global market uncertainty grow.

In its trading update for first four months of 2016, the UK broker saw inflows falling to £2.3bn within its execution-only platform compared to £2.8bn in the same period last year.

Hargreaves Lansdown chief executive Ian Gorham blamed the business inflows fall to the decline in markets at the start of the year.

He says a quarter of investors asked in a recent poll by the firm said “current uncertainty over EU membership” will reduce their propensity to invest.

However, platform assets jumped to £57.4bn in April 2016, from £55.9bn a year ago. Client numbers on the platform hit 813,000 in the period.

Gorham says the company saw “strong new business and client growth” given the challenges of poor Isa season across the market.

Overall, Hargreaves’ assets stood at £60.3bn in the first four months of the year, compared to £55.3bn in 2015.

The group also said it expects to pay a levy of £5.5m to the FSCS, up from the £4.6m it paid in 2015.

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