Hargreaves sees inflow boost in Q1 as AUM falls

Hargreaves Lansdown saw net new business inflows rise by almost a quarter in the three months to September but said a fall in its assets under management was caused by stock market movements.

In the first quarter of a financial year which runs to the end of June, Hargreaves said inflows rose £680m, up 24% on Q1 2010. Revenues climbed 27% to £57.2m while the number of clients rose by 8,000 to 388,000. Assets under management fell from £24.6bn to £22.3bn as at 20 September 2011, a 9% slide the group said was due to falling markets, with the FTSE All Share down 14% over the same period. AUM on the Vantage platform fell 10% from £23.1bn as at 30 June 2011 to £20.9bn on 30 September 2011. But overall net new Vantage business of £660m was 20% higher than the first quarter of ...