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HL pulls in 420m Isas, 750m Sipps

Hargreaves Lansdown sold 420m of Isas in the last tax year – an increase of 30 per cent on the previous year.

The Bristol-based adviser’s Vantage platform took 2.3bn, up by 75 per cent on the previous tax year.

Its Sipp saw a 250 per cent increase in sales over the same period to 750m compared with 193m in 2005-06.

At March 31, the firm’s platform held around 7.4bn of assets directly on behalf of private investors, providing an impressive array of statistics ahead of Hargreaves Lansdown’s flotation next month.

Head of research Mark Dampier says a lot of Isa investing was left to the last minute, with the firm’s last one completed at 11.56pm on April 5.

Head of pensions research Tom McPhail says booming Sipp sales provide further proof that traditional personal pensions are being squeezed out of the market.

Flotation plans p7

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It has been a testing first quarter, which has been an opportunity to increase equity weightings and reassess our cautious bond view. We have increased weightings in Asia and Europe and believe in the longer-term prospects for yen appreciation.

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