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Hargreaves Lansdown attracts £3.3bn in ISA season

The firm intends to keep investing in technology after pulling in £3.3 billion worth of new business in the first four months of this year.

Hargreaves Lansdown attracts £3.3bn in ISA season

Online stockbroker Hargreaves Lansdown (HRGV) attracted £3.3 billion worth of net new business in the first four months of the year. 

In a trading update, the group said inflows were driven by increased digital marketing and ongoing wealth consolidation on its platform. 

The ongoing problems with Barclays' launch of its Smart Investor platform has meanwhile continued to provide a boost.

Hargreaves said business had been helped on a 'reduced scale' by transfers from a competitor platform, along with a small direct back book transfer from Old Mutual. 

Over the period Hargreaves welcomed 60,000 clients to its ranks, lifting total active clients numbers to 1,075,000. 

Net revenue for the four months stood at £150.6 million, versus £130.9 million for the corresponding period of the previous year. This was boosted by higher market levels and strong share dealing volumes, alongside positive net new business. 

Assets under administration rose from £86.1 billion to £88.1 billion over the period. 

Commenting on the performance, Hargreaves Lansdown chief executive Chris Hill (pictured) told the market: '[We] have continued to invest in our helpdesk, operations and technology teams and I'm pleased that the consequence of this is that we are able to support stronger volumes of client activity whilst maintaining our leading reputation for client service.

He added: 'We believe continuing to make investments in client service and technology is crucial to the ongoing success of Hargreaves Lansdown.'

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