New business soars by £1.6bn at Bristol investment firm

Investment firm Hargreaves Lansdown said new business increased by £1.6bn over the last three months.

As a result of the increase the Bristol broker now has £132bn worth of assets under its control.

Revenue for the period was £188.1m an increase of 28 per cent.

There was a net client growth of 23,000 which means the firm now has 1.8m clients.

The company released a trading statement for the third quarter of the financial year.

Chief executive Chris Hill said: “We delivered net new business of £1.6bn in the period, up 14 per cent on last year as the combination of changes to the tax landscape, our marketing activity, and ongoing developments in our core propositions generated a call to action for clients in the run up to tax year end.

“Macroeconomic uncertainty continues but the improved activity demonstrates that as confidence returns, Hargreaves is well positioned to grow and support new and existing clients on their investment and savings journeys.”

He added: “During the quarter, we launched a new cash ISA, three new portfolio funds and our enhanced share exchange service helping clients enable efficient use of their tax allowances.

“The targeted price reduction we have made to our LISA product and making our Junior ISA fee free demonstrates how we are thinking about specific improvements to help families manage wealth and to help those starting out on their investing journeys.”