Hargreaves Lansdown weathers market turmoil

Wealth manager Hargreaves Lansdown said it is bucking the market turmoil of recent weeks and new business in July and August are a third ahead of the same period last year.

The company said in an earnings statement for the year to June 30 on Thursday, that while markets have proved weak since the reporting period ended, it has continued to attract new clients.

"Since the year end, the FTSE All-Share has fallen by 12 per cent. However, levels of net new business inflows since the year end have been strong with July and August combined showing an increase of more than 30 per cent over the same months in the prior year," the company said.

Hargreaves Lansdowne's revenues - up 31 per cent to 207.9 million pounds - met the forecasts of analysts at Collins Stewart.

Meanwhile assets under administration outpaced expectations, up 41 per cent at £24.6bn, compared with 37 per cent predicted by Collins Stewart.

Hargreaves Lansdowne shares, which closed at 432 pence on Wednesday, have lost more than a quarter of their value since Britain's financial regulator said it may clamp down on lucrative incentive payments offered by fund management companies.

"We are confident that we will be able to adapt as a business to meet any regulatory... There is substantial water to go under the bridge in this debate," the company said.