Hargreaves reports 14% asset increase

Hargreaves Lansdown saw assets under administration increase by 14% during the third quarter, traditionally a quiet period for the firm, driven largely by positive markets.

In an interim management statement, Hargreaves says assets grew to £19.9bn as at the end of September. Ian Gorman, chief executive, says: "The rise in stock markets during the first quarter (FTSE All Share index increased by 12.7% from 2,543.47 to 2,867.58) has helped increase the value of assets under our administration. It is interesting to reflect on the investment climate a year ago. "Investment euphoria was in abundance as the FTSE All Share index rose 21% between the start of July and end of September. In comparison the last three months have been dogged with fears of a double d...