UPDATE 1-Hargreaves Lansdown assets up 3.1 pct over past year


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* Assets under administration 88.8 bln pounds

* Net new business 3.3 bln pounds, market losses 600 mln

* Revenues 150.6 mln pounds; KBW calls update a beat (Adds detail from statement, bullet points, CEO quote)

By Simon Jessop

LONDON, May 15 (Reuters) – British fund supermarket Hargreaves Lansdown said total assets rose 3.1 percent in the year to the end of April as client demand to invest before the end of the tax year more than offset market losses.

Hargreaves, which offers a range of investment and savings services to retail clients, said it took in 3.3 billion pounds ($4.5 billion) of net new business during the first four months of the year, more than offsetting market losses of 600 million pounds.

That helped total assets under administration hit 88.8 billion pounds, up from 86.1 billion pounds at the end of December. Net revenue for the period was 150.6 million pounds, it said in a statement on Tuesday.

Over the period it took on a net 60,000 new clients.

“Hargreaves Lansdown had another good tax year end, delivering strong net new business of 3.3 billion pounds over the busiest time of our year,” Chief Executive Chris Hill said.

“We have continued to invest in our helpdesk, operations and technology teams and I’m pleased that the consequence of this is that we are able to support stronger volumes of client activity.”

KBW analyst Jonathan Richards said the growth in assets was “significantly better” than his expectations for 2.2 billion pounds, while the market losses were less than the WMA Balanced Index, an index representing a wealth management portfolio.

The asset growth meant that revenues also beat expectations and should see analyst consensus forecasts move up as a result, he added, maintaining a ‘Market Perform’ rating. ($1 = 0.7380 pounds) (Reporting by Simon Jessop Editing by Lawrence White/Keith Weir)


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