Bristol-based asset management firm Hargreaves Lansdown’s assets under administration soared again in the three months to the end of September, up by £2.2bn to a record £28.5bn. Revenue of £68.7m was also a record, up 20% on the first quarter of last year.
The company, which has continued to grow throughout the recession, said it has made a pleasing start to the year given challenging economic and market conditions for retail investors.
The company said in a statement to the London Stock Exchange: “The first quarter of the financial year is traditionally the quietest period. During this year’s first quarter, retail investment confidence remained low, with the Investment Management Association (IMA) reporting overall UK net retail sales of funds of just £23m for August 2012, the lowest since October 2008.
“There were also no notable product or fund launches to excite investors in the quarter. This must be compared with high stock market volatility and the launch of our upgraded stockbroking service in August of last year which drove substantial new business and activity.
“Recent offers of our new SIPP Loyalty bonus, and new share and fund launches have been exceptionally well received by investors, but the benefits of these initiatives will be seen from October onwards and are thus not reflected in quarter one trading.
“Nevertheless, our results continue to be encouraging.”
