Hargreaves assets hit record £26bn

Wealth manager Hargreaves Lansdown has reported a new record for assets under administration despite an expected slowdown in investor activity and increased competition.

The company said net new business in February and March matched last year's equivalent months despite concerns of a drop-off in asset gathering. This has led to a record total of assets under administration of £26bn at 31 March 2012 after adding £2.6bn in the period. It has also reported a 16% increase in revenues for the first three months of 2012, driven by investor activity in the build-up to the end of the tax year. Net business inflows for Q1 this year were £1bn, it said. Hargreaves Lansdown CEO Ian Gorham (pictured) said: "The quarter under review remained a difficult peri...