Hargreaves Lansdown new business up £4.6bn this year

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Hargreaves Lansdown new business up £4.6bn this year

Hargreaves Lansdown has attracted net new business of £4.6bn in the four months to 30 April, buoyed by "record net new business, record ISA subscriptions, record client growth, and record share dealing volumes".

The 10 months to the end of April have seen net new business of £7.9bn, while total revenue is up 19% over the same period to £532.7m.

However, the firm has warned that the elevated levels of client activity will lead to additional costs in the second half of its financial year, while the FSCS levy this year is likely to rise to £15.8m from £13.7m last year.

It has been very pleasing to see record numbers of clients making contributions into the tax beneficial ISA and SIPP accounts."

The last four months saw the firm add 126,000 new clients to reach a total number of active clients of 1,622,000.

Meanwhile, assets under administration rose 28% over the 10 months to 30 April to hit £132.9bn.

Chris Hill (pictured above), chief executive of HL, said: "Taking our clients on a journey to improve their long-term financial resilience is a key focus for us and it has been very pleasing to see record numbers of clients making contributions into the tax beneficial ISA and SIPP accounts.

"In addition, across our tax year end campaign from 12 February to 5 April we have seen a 48% increase in new money into the ISA and SIPP accounts versus the same period last year, and a 54% increase in new ISA and SIPP account openings.

"We have also continued to see significantly elevated levels of client engagement throughout the period, with a 150% increase in the number of people logging into their accounts, particularly via the mobile app."

First published by our sister title Professional Adviser