Asset manager results: HL reports £1.3bn net new business amid 'industry-wide slowdown'

Hargreaves Lansdown

In a trading update for the three months to 30 September, Hargreaves Lansdown reported assets under administration (AUA) rose 3% as the firm reported an "industry-wide slowdown". 

AUA increased from £91.6bn to £94.1bn over the period, while it also attracted 29,000 new clients taking active client numbers to 1,120,000. 

Hargreaves Lansdown sees record £7.6bn net new business in 2017-18

Net new business of £1.3bn for the period was driven by continued investment in HL's digital marketing presence, higher client numbers and ongoing wealth consolidation onto the platform.

Over one year, net revenue at Hargreaves Lansdown rose 16%, climbing to £120m.

Chief executive Chris Hill said: "I am pleased to report a solid start to our financial year for growth in clients, net new business and revenue. 

"The past quarter has seen an uncertain market environment and weak investor sentiment resulting in an industry-wide slowdown in net retail flows. Despite this backdrop, we believe the strength of our business model positions us well for when sentiment improves."

Liontrust

In its half-year trading update, Liontrust said assets under management had surged 15% over the six months to 30 September to reach £12bn, while net inflows during the period were £723m. 

There was strong demand for the firm's global fixed income funds and sustainable investments, with both of these teams joining Liontrust recently from Kames and Alliance Trust Investments respectively.

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The largest division was the Economic Advantage team, focusing on UK equities and led by Anthony Cross and Julian Fosh, which manages £5.9bn, and the firm said this team had delivered "impressive performance against a weak market backdrop" as well as seeing strong inflows despite Brexit uncertainty.

John Ions, chief executive of Liontrust, said: "We are well positioned for the second half of our financial year given our strong fund management capability and our broader distribution reach."

Polar Capital

Polar Capital has reported AUM climbed to £14.7bn to by 30 September 2018 from £12bn at the end of March 2018, but inflows were markedly down compared to the previous quarter.

It said close to £240m of inflows were received in the three months to end of September, compared to over £690m of net inflows in Q2 of this year. 

It added that flows were into Technology, Healthcare, Insurance, Convertibles and UK Value strategies.

Jupiter

Jupiter Fund Management saw net outflows of £800m in the three months to 30 September, the firm announced in its latest results, marking the third quarter of outflows.

In a trading update issued today (Thursday 11 October) Jupiter said assets under management (AUM) had fallen to £47.7bn on the back of £800m in net outflows.

The bulk of this was from the firm's fixed income strategy, which saw £600m in outflows, mostly from continental Europe.

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Jupiter's European Opportunities and fund of funds strategies also saw outflows, although this was partially offset by positive flows in the European Growth, Value Equities and Absolute Return strategies.

Overall, positive fund performance of £300m also partly offset outflows, while investment trusts saw inflows of £2m in Q3, taking AUM in the trust business from £1.28bn to £1.35bn.

 

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• Topics
• Investment
• JUPITER ASSET MANAGEMENT
• Jupiter
• outflows
• financials
• financial performance
• Hargreaves Lansdown
• Liontrust
• Polar Capital
• AUM