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Hargreaves Lansdown assets reach £89bn

Hargreaves Lansdown assets reach £89bn

Hargreaves Lansdown has seen its assets increase to £88.8bn at the end of April.

In a trading update for the four months to the end of April 2018, the FTSE 100 company reported net new business of £3.3bn, with year-to-date new business of £6.6bn.

Net revenue for the four-month period was £150.6m, up from £130.9m last year, with the company saying it benefitted from net new business, higher market levels than last year and strong share dealing volumes.

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Chris Hill, chief executive of Hargreaves Lansdown, said: "Hargreaves Lansdown had another good tax year end, delivering strong net new business of £3.3bn over the busiest time of our year and welcoming another 60,000 net new clients.

"We have continued to invest in our helpdesk, operations and technology teams and I am 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."

In the four-month period the company saw its client base increase by 60,000 to 1.07 million.

In April Hargreaves Lansdown launched a service for first-timer investors called Simply Invest, which offers funds with charges as low as 0.04 per cent as well as tools to help learn about investing.

Hargreaves Lansdown's latest market update came just a couple of days after it was revealed co-founder Peter Hargreaves became one of the 50 richest people in the UK last year as his wealth grew by £849m in a year.

Data compiled by the Sunday Times attributes to Mr Hargreaves a net worth of £3.1bn.

This is likely to be the result of the sharp increase in the share price of Hargreaves Lansdown over the past year.

The shares have risen from £14.47 to £18.82 in the past year.

Mr Hargreaves retains a 32 per cent stake in the company.

As FTAdviser previously reported, Mr Hargreaves has invested in Blue Whale, a fund management company over the past year.

He told FTAdviser he has around £2bn invested in equities.