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Kingfisher swoops to sign up for Hargreaves Lansdown Sipp

Hargreaves Lansdown’s Sipp business leapt by 53 per cent from £760m to £1.2bn in the year ending March 31.

However, poor market conditions contributed to a 2 per cent fall in total ass- ets under management to £10.7bn.

Direct-to-investor fund supermarket and wrap platform Vantage saw its assets fall to £9.6bn at March 31 from £9.8bn in December although revenue climbed by 31 per cent year on year.

Advisory division revenue rose by 31 per cent to £3.8m and discretionary division revenue was up by 32 per cent to £2.5m. New Isa contributions rose by 2 per cent to £430m.

Home improvements retailer Kingfisher last week appointed Hargreaves Lansdown as its group Sipp provider. The new scheme is being set up initially to accommodate maturing shares and additional voluntary contributions.

The scheme will run alongside Kingfisher’s existing closed defined-benefit scheme and its open defined- contribution scheme run by Standard Life.

Hargreaves Lansdown head of pensions research Tom McPhail says: “This is a great endorsement from a leading British employer.

“It also demonstrates the extent to which group Sipps are now a mainstream pension solution. Demand for share save solutions is bec- oming a key driver of group Sipp business.”

Chief executive Peter Hargreaves says: “It is pleasing to report that despite the market creating poor trading conditions, we have taken more into our Isa and our Sipp than in the prev- ious year.

“We expect market conditions to remain challenging but will continue to innovate and exploit any opportunities the market presents. As always, our asset values, revenues and profitability will be hit by the performance of the market.”

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