Hargreaves new business inflows down 16% despite profits rise; UK Income fund launch planned

Final results under CEO Gorham

Hargreaves Lansdown has reported a 16% fall in net new business inflows despite continued growth in clients, assets and profits for the six months to 31 December, while it is also gearing up for further fund launches.

In the firm's interim results, which cover the six months immediately after the Brexit vote in June and include other political events such as the US election, Hargreaves Lansdown reported net new business inflows of £2.34bn, down from £2.77bn for the same period the previous year. But the company also saw its profit before tax rise 21% to £131m for the half-year, while its net revenue was up 16% on the previous year at £185m. At the same time, the group also revealed its plans to launch an income version of the recently launched HL Select UK Shares fund, which has already raised £168...