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UPDATE 1-New clients help Hargreaves Lansdown Q1 assets rise 4 pct
October 11, 2017 / 6:40 AM / 2 months ago

UPDATE 1-New clients help Hargreaves Lansdown Q1 assets rise 4 pct

* Assets under administration 82 bln stg

* Net new business 1.5 bln stg

* 30,000 new clients (Adds detail from statement, bullet points)

By Simon Jessop

LONDON, Oct 11 (Reuters) - Fund supermarket Hargreaves Lansdown on Wednesday posted a 4 percent rise in first-quarter assets under administration, boosted by market gains and a rise in client numbers.

Assets under administration in the three months to end-September were 82 billion pounds ($108.21 billion), it said in a statement, helped by the addition of 30,000 new clients and net new business of 1.5 billion pounds.

Rising demand for its services, which include helping retail clients pick investment funds, follows a move by Britain’s regulator to launch a study into the platform industry to ensure customers are getting a good deal.

After cancelling a special dividend in August to help shore up its balance sheet, Hargreaves said that year-to-date total net revenue was up 15 percent on the year, helped by the new business wins and market gains.

Total clients at the end of September were 983,000, it added.

“I‘m pleased to report a solid start to the new financial year for net new business and revenue,” Chief Executive Chris Hill said.

“We continue to place clients at the centre of what we do and our relentless focus on the level of service that we provide is enabling both existing and new clients to save and invest with confidence.” ($1 = 0.7578 pounds) (Reporting by Simon Jessop; editing by Clara Denina)

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