Bristol stock broker announces record three months as customers come flocking back
Bristol wealth management firm Hargreaves Lansdown saw £1.6bn worth of business in the last three months.
The firm, which is the subject of a multi-billion pound takeover bid from a private equity consortium, said it now has a record £155.3bn worth of assets under its control.
The firm welcomed 24,000 new customers in the period, up 85% year on year, with 1,882,000 active clients now on the platform.
Chief executive Dan Olley said: “While we still have more to do to deliver against our strategic priorities, we are making progress and I’m pleased to see ongoing good momentum this quarter, with a further net new 24,000 clients joining HL, £1.6 billion of net new business generated and a record closing AUA of £155.3 billion for the full year.
“Our ongoing focus on client service, client experience and value continue to deliver results, with client NPS for the second half of the year, which includes the busy tax year end season at 44, up from 41 for the first half of the year.
“Striving for excellent client experience also means giving clients what they want, whether that’s fully managed or passive products at a lower cost. Our recently launched range of Managed and Multi-Index Funds proved popular exceeding our targets for launch, and generated £0.4 billion of the £0.5 billion growth in our HL Funds range across the quarter.
“As momentum across the business comes through in our results, we will continue to invest in the value proposition for our clients, delivering client service excellence, improving the client experience and enhancing overall client value over time.”
“We operate in a large and growing market, and our purpose, to make it easy to save and invest for a better future has never been more relevant, so we welcome the new government’s early focus on growth and encouraging more people to engage with their finances. Our scale, trusted brand and unique data insights combined with our focus on increasing the pace of strategic execution will deliver sustainable growth for the benefit of all our stakeholders.”
Talks on the takeover bid will continue after the London Stock exchange extended the deadline.
