Hargreaves Lansdown has announced it is now scouting for a new chief, as CEO Chris Hill retires from the wealth manager after six years at the helm.
He leaves the group as it hikes its full-year revenue and cash margins for next year, after banking 17,000 new clients and some £700m in new business in the first quarter.
Revenue for the three months to 30 September jumped £162.9m in the period, up 15 per cent to from the £142.2m it pulled in a year prior.
“Having put in place strong foundations that are already delivering results, including an exceptional leadership team, it will be time after a thoughtful transition to hand over to my successor to take the company through the next phase of embedding this strategy,” Hill said in a statement today.
Hill, who joined the company as chief financial officer in 2016, will remain in the role until November 2023, to oversee a handover period with his successor.
The London-listed group, however, has warned investors of weaker share price gains, as it lowered its guidance for next year amid turbulent markets.
Hargreaves Lansdown has lost more than 40 per cent of its stock value in the year to date.
“The impact of the challenging macroeconomic and geopolitical backdrop on asset values, client confidence and propensity to invest has been seen across our industry,” added Hill.
“Our focus remains on helping new and existing clients navigate these tough times and engaging with them to help improve their financial resilience. Cash savings are high on the agenda for clients and we have seen a further £0.7bn of net flows into Active Savings leading to a record £5.3bn of assets.
“Although flows into risk based investments remain subdued, both client and asset retention rates remain strong and in line with last year.”