Retail investment platform Hargreaves Lansdown has been hit by a fall in customers and inflows this year as market turbulence caused Brits to pull back from investment.
New customers at the firm were down two-thirds for the first four months of this year compared to last year, while net inflows slid 46 per cent to £2.5bn from last year, the firm revealed today.
Assets under management have also dipped to £132.3bn since the start of the year, down six per cent from December
Boss Chris Hill said it had been a difficult period for investors amid a period of sustained market volatilty.
“The challenging backdrop driven by unprecedented macro-economic and geo-political events has impacted markets and investor confidence,” he said.
He added that the firm “saw a significant step up in flows in March and April from our tax year end campaign”, however.
Shares in Hargreaves Lansdown fell beyond seven per cent in early trading before recovering to trade down three per cent.