Hargreaves Lansdown has said Neil Woodford's new fund management venture could provide a further boost to its business after it reported record net inflows of £1.83bn for the first quarter.
Reporting results for the first three months of 2014 - the final quarter prior to the platform's 6 April switch to a clean pricing model - Hargreaves said assets under administration rose £2.3bn to £45.7bn over the period. That was driven by record quarterly flows of £1.83bn, up from £1.8bn in the comparable period in 2013. Net operating revenue for the period rose 6% to £73.7m. Looking ahead, chief executive Ian Gorham (pictured) said the Budget pensions and ISA reforms may prompt "more enthusiasm" for retail investing, and said Neil Woodford's new business, due to launch next month,...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
