UK’s Hargreaves net new business rises from prior quarter

July 19 (Reuters) – Britain’s Hargreaves Lansdown (HRGV.L) on Wednesday reported higher net new business and assets under administration in the fourth quarter, compared with the prior three-month period, as investors sought its platform to make tax-saving investments.

Active savings product saw net inflows of 800 million pounds ($1.03 billion) in the reported period, higher than last year, with clients using its online savings platform to access different interest rates and banks, the investment platform said.

Share dealing volumes, however, were 11% lower quarter-on-quarter, Hargreaves said, as investor confidence has been low because of the cost-of-living crisis, rising interest rates and market volatility.

“The tax year-end season remains a critical time for our clients, and this year we focused on supporting them to navigate the changes to the tax landscape, making the most of their allowances and delivering further value to our overall client proposition,” CEO Chris Hill said in a statement.

Net new business came in at 1.7 billion pounds, up 6% from the prior quarter, but lower than the 1.8 billion pounds in the year-ago period.

The company’s closing assets under administration came in at 134 billion pounds in the quarter ended June 30, up 2% from end-March.

($1 = 0.7730 pounds)

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