Hargreaves Lansdown attracts £1.3bn of new business but revenue drops 1%

Assets under management jumped to £138bn in Q3

Hargreaves Lansdown attracted £1.3bn worth of new business in its latest quarter and saw its client base grow but not enough to stop a revenue drop.

In Hargreaves's quarterly trading update today (October 15), it said some 23,000 new clients joined the firm in the three months to 30 September, taking active member figures to more than 1.6m. Net new business amounted to £1.3bn for the period, up from £0.8bn in Q3 2020, pushed by higher client numbers, ongoing wealth consolidation on to its platform and flows into active savings. The firm's assets under management jumped to £138bn in the period, up 2% since 30 June, the end of the financial year. The rise was driven both by the net inflows and £1.2bn from positive market movements. ...