Investment firm wins £1.7bn worth of new business

Investment firm Hargreaves Lansdown has announced it has won new business worth £1.7 bn over the last three months.

In a trading update the Bristol based firm said business was up six per cent on the previous quarter.

As a result assets under administration came to £134bn – a two per cent increase on the previous quarter.

The company also saw net client growth of 13,000 in the period, taking the total to 1,804,000 clients.

Chief executive Chris Hill, who is set part ways with the firm, said: “We delivered net new business of £1.7bn in the period, up six per cent on the previous quarter.

“The tax year end season remains a critical time for our clients and this year we focused on supporting them to navigate the changes to the tax landscape, making the most of their allowances and delivering further value to our overall client proposition.”

He added: “The improvements in the previous quarter, including the launch of a new cash ISA, three new Portfolio Funds and price reductions on our LISA and JISA accounts, were further enhanced with the removal of fees for dividend reinvestment and regular monthly investing along with the addition of new partner banks to Active Savings.

“The breadth of and continued investment into our client proposition, means we remain well positioned to grow and support both new and existing clients with their investment and savings needs.”

The current leadership team of the business has come in for fierce criticism from the co-founder Peter Hargreaves following a sharp drop in the value of shares over the last 12 months.

Hargreaves has called for the removal of the chief executive and a major cost cutting exercise across the business