Hargreaves Lansdown Assets Under Administration Up in First Quarter Helped by New Clients

October 13, 2017

Hargreaves Lansdown (HL, HSP.L), a UK financial service company that sells funds and shares to retail investors, has posted an increase in its assets under administration in its fiscal first quarter helped by new business and an improved market sentiment.

Assets under administration at the end of the quarter on Sepember 30 totaled 82.0 billion pounds ($108 billion) from 79.2 billion pounds on June 30, the Bristol, England-based company said in a trading update on Wednesday. A year earlier the assets were at 67.6 billion pounds.

The rise in the level of assets under administration was helped by the addition of 30,000 new clients, taking the number of active customers to 983,000, and net new business inflows of 1.54 billion pounds, the company said.

Net new business in the quarter was driven by “improved market sentiment, continued investment in our
digital marketing presence, an increase in client numbers and their continued wealth consolidation onto our platform,” the company said. It said that it also benefited from “significant transfer activity” relating to operational issues on a competitor platform.

Net revenue for the quarter rose 15% from a year earlier to 104.1 million pounds, as business benefited from higher market levels.

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By Caroline Williams

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