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Hargreaves Lansdown posts record assets, warns on outlook
October 13, 2016 / 6:26 AM / a year ago

Hargreaves Lansdown posts record assets, warns on outlook

LONDON, Oct 13 (Reuters) - British fund supermarket Hargreaves Lansdown said assets under administration rose 9.5 percent in the three months to end-September, buoyed by market gains, although the pace of new business had slowed as investor sentiment waned.

The firm said total assets in the quarter rose 5.9 billion pounds ($7.34 billion) to a record 67.6 billion pounds, up from 61.7 billion at the end of June.

The rise in assets, coupled with strong demand from clients to trade shares in the wake of Britain’s vote to leave the European Union, helped it to post record net quarterly revenues, up 15 percent to 90.6 million pounds.

However, the firm posted a cautious outlook.

“Despite the higher stock market levels, investor confidence has fallen and there remains much uncertainty about the future economic environment weighing on investors’ minds,” it said in a statement.

“Future stock market levels and investor confidence will have a significant part to play during the remainder of our financial year.”

Total active client numbers rose by 20,000, although this was 17 percent lower than in the first quarter of 2016. ($1 = 0.8042 pounds) (Reporting by Simon Jessop; Editing by Rachel Armstrong)

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