Hargreaves Lansdown to spend £175m to 'redefine wealth management'

Fund platform sees interim profits fall

Bristol-based investment platform Hargreaves Lansdown has unveiled plans to spend £175m in redefining the wealth management space, as it revealed a 20% fall in pre-tax profits for its first half.

During the six months to 31 December, the FTSE 100-listed company saw profit before tax fall by 20% to £151.2m, down from £188.4m for the prior-year period. Interim revenues were down slightly to £291.1m from £291.5m one year earlier, as market events like 'Vaccine Monday' which drove record-breaking stockbroking volumes and client growth were absent. Costs also grew as the company invested in strategic capabilities, technology, compliance and support functions for the post-pandemic, next generation of wealth management. Pandemic and lack of innovation blamed for fall in fund launc...