Hargreaves Lansdown Group  

Hargreaves Lansdown adds £4.6bn of new business

Hargreaves Lansdown adds £4.6bn of new business

Hargreaves Lansdown has added £4.6bn of new business in the four months to the end of April, which it attributed to existing clients using their tax allowances during the Isa season, as well as ongoing wealth consolidation onto the platform.

The inflows meant that in the ten months to April the firm added £7.9bn to its books, compared with £6.3bn in the same period a year earlier.

Assets under administration rose 28 per cent in this 10-month period to £133bn, with revenues up 19 per cent to £532.7m.

Chris Hill, chief executive officer, said: “Taking our clients on a journey to improve their long-term financial resilience is a key focus for us and it has been very pleasing to see record numbers of clients making contributions into the tax beneficial Isa and Sipp accounts. 

“In addition, across our tax year end campaign from February 12 to April 5 we have seen a 48 per cent increase in new money into the Isa and Sipp accounts versus the same period last year, and a 54 per cent increase in new Isa and Sipp account openings."

Hargreaves currently has 1,622,000 active clients, with 126,000 net new active clients joining this year.

In March the firm said it expected its pre-tax profits for the year ending June 30 to be above expectations because of a surge in share dealing during lockdown, especially in international equities, driven by interest in US stocks from existing clients.

In February the platform reported a surge in new clients in the second half of 2020, as the platform continued to cash in on the coronavirus trading boom.

Hill added: “Conditions look more positive than they did at the end of December. However, there remains much uncertainty and like many businesses, we cannot predict levels of new business or client activity.

"We remain confident in our strategy of focusing on the needs of UK investors and savers and delivering the highest level of client service, which should position us to deliver attractive sustainable long-term growth as the UK's leading digital wealth manager.”