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Hargreaves Lansdown assets under administration up 3.1%
Financial services group Hargreaves Lansdown reported a 3.1% jump in assets under administration in the four months to 30 April.
Assets under administration rose to £88.8bn from £86.1m, while net new business in the period was £3.3bn and year-to-date total net revenue was up 16% to £366.6m. The company welcomed another 60,000 new clients over the period, taking active client numbers to 1,075,000.
The group said new business took year-to-date new inflows to £6.6bn, driven by increased marketing, ongoing wealth consolidation onto its platform, a continuation, albeit on a reduced scale, of transfers from a competitor platform and a small direct back book transfer from Old Mutual.
Chief executive officer Chris Hill said: "We have continued to invest in our helpdesk, operations and technology teams and I'm pleased that the consequence of this is that we are able to support stronger volumes of client activity whilst maintaining our leading reputation for client service. We believe continuing to make investments in client service and technology is crucial to the ongoing success of Hargreaves Lansdown."
At 0803 BST, the shares were up 1.6% to 1,904.50p.