Hargreaves Lansdown reports 14% asset rise

Hargreaves Lansdown (HL) has seen a rise in assets under management by 14% in the quarter to end-September, boosted by stockmarket rises during the period.

Assets rose to £19.9 billion as at September 30, compared wirh £17.5 billion at end-June, according to a market statement.

The assets under management rises were also boosted by £550m of net new business.

Total operating revenues at the firm rose by 25% to £45.2m as at September 30, compared with £36.1m on September 30 2009.

This included a 33% revenue boost on the HL Vantage platform to £33.5m thanks to “higher asset values”. (article continues below)

The number of clients on Vantage rose by 7,000 during the quarter, from 330,000 as at end-June to 337,000 as at September 30. The number of active accounts held by clients rose from 514,000 to 524,000.

The number of clients on Vantage rose by 7,000 during the quarter

The group’s discretionary activities saw a 2% revenue rise to £5.6m, while third party and other services generated 13% more revenues at £6.1m.

Ian Gorham, the chief executive of HL, says a 12.75 rise in the FTSE All-Share from 2543.5 points to 2867.6 helped performance.

He says: “The media is full of doom and gloom, cuts, and public sector union threats. Despite this it is encouraging that our business inflows during the first quarter have been resilient. Our £0.55 billion in net new business matches the record start to last year. Both the rising stockmarkets and net new business have helped to drive up operating revenue.”