Hargreaves Lansdown has reported a rise in the number of people opening new ISA, SIPP and active savings accounts.
In a Q3 trading statement to the London Stock Exchange, the investment platform announced net client growth of 18,000 in the three months to 30 September, with client retention at 92%.
Assets under administration (AUA) finished Q3 at £157.3bn, which the group said was driven by “positive market movement” of £1.5bn and net new business of £500m.
Hargreaves Lansdown is currently readying for a £5.4bn takeover which it agreed earlier this year with a consortium featuring CVC Capital Partners, Nordic Capital and Platinum Ivy.
CEO, Dan Olley, commented: “The proposed acquisition of Hargreaves Lansdown has been approved by shareholders and is now subject to certain outstanding regulatory approvals, with completion expected in Q1 2025.
“In the meantime, we remain as committed as ever to supporting our clients with the very best service, experience and value, and on executing our strategy.”
Hargreaves Lansdown also reported a revenue totalling £196.5m in Q3, which it said had benefitted from increased dealing volumes and higher platform revenue from higher AUA levels, more than offsetting the year-on-year reduction in revenue on cash from a lower net interest margin.
The investment platform’s figures come ahead of tomorrow’s Budget which is widely anticipated to feature a raft of tax changes from Chancellor Rachel Reeves.
Head of personal finance at Hargreaves Lansdown, Sarah Coles, said yesterday that the Budget had inspired a “record-breaking six months for saving and investing”, as people have been reminded how valuable their ISA and pension allowances are and have rushed to “make the most of them while they know where they stand”.
Olley added: “We are particularly mindful of tomorrow's Budget and will be on hand to support and guide our clients following any potential changes that are made.
“With millions of households without enough saved to enjoy a comfortable lifestyle in later life, it has never been more important for the UK to save and invest for their financial futures, and as the UK's largest platform for retail investors, Hargreaves Lansdown is well placed to help them do so.”
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