Growth slows and assets shrink at Hargreaves Lansdown as interest rates rescue revenue

Assets under administration fall

Net new business growth has shrunk by almost a third at Hargreaves Lansdown, with the investment platform suffering from low investor confidence.

According to its interim results, in the six months to 31 December 2022, HL recorded £1.6bn of net new business, a 30% decrease year-on-year. Total assets under administration have also fallen compared with the previous year's figure, down 10% from £141.2bn to £127.1bn. Outgoing CEO Chris Hill said he was "delighted" with the "strong financial performance over the first half of the year". He added: "Whilst challenging external conditions and low investor confidence impacted asset values and stockbroking volumes in the period, clients have benefitted from our diversified platform an...