Thursday 10 October 2019 7:38 am

Hargreaves Lansdown boosts assets under administration to over £100bn

Hargreaves Lansdown said today that it had grown assets under administration to over £100bn at 30 September.

In a trading update, the investment firm said that assets under administration stood at £101.8bn, up from £99.3bn three months earlier.

The company said net new business was £1.7bn, compared to £1.3bn at the same time last year, and said market movements gave it a £800m boost.

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However, the company said new business in the period had been dented by “weak investor sentiment arising from continuing Brexit and political uncertainty in the UK and wider global macro issues such as trade tariffs”.

The company said it added 35,000 new clients in the period, taking active client numbers to 1.26m.

Net revenue for the period was £128.1m, up six per cent on the previous year.

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Chief executive Chris Hill said: “I’m pleased to report a solid start to our financial year for client, net new business and revenue growth. We continue to focus on our strategy of delivering excellent service, information and value during these continued uncertain times for our clients.”

In a research note analysing investment platforms yesterday, Liberum said Hargreaves Lansdown, along with Integrafin, had the best service in the sector.

“Our analysis of service levels has highlighted Hargreaves Lansdown and Integrafin as having best-in class service offerings. This is likely to see these platforms outperform over the long run,” the note said.