Hargreaves Lansdown has acquired 29,000 new clients and increased its assets under administration by three percent to £94.1 billion, in the three months ending 30 September.
In its quarterly trading update filed with the London Stock Exchange, the Bristol-based financial services firm said net revenue was up 16 percent to £120.8 million compared to the same quarter last year (£104.1 million).
Chief executive Chris Hill said he was pleased with the firm’s growth at a time when an “uncertain market environment and weak investor sentiment [resulted] in an industry-wide slowdown in net flows”.
The £2.5 billion increase in assets under administration was made up of £1.3 billion in new business and £1.2 billion in market movements, taking total AUA to £94.1 billion.
In the trading statement, the firm said new business was driven by “continued investment in our digital marketing presence, higher client numbers and ongoing wealth consolidation onto our platform”.
“During the period, we also added three further banks to our cash marketplace service, Active Savings, enabling clients to manage their cash more easily at attractive rates of interest. As a result, we increased the level of marketing and promotional activity in early September and now have over £100 million managed by clients in this service.”
Hargreaves Lansdown has 1.12 million clients and is a private client stockbroker, investment management platform, fund house and financial adviser.