Hargreaves Lansdown has seen total assets under administration, net new business inflows and profit before tax soar in the 12 months to 30 June, despite the "drag on investor confidence" in the first half of its financial year, according to annual results released this morning.
Today's results are the first given by chief executive Chris Hill, who took the role over from Ian Gorham earlier this year. He reported a a successful 12-month period, which saw the firm's level of net new business inflows rise to £6.9bn compared with £6bn reported in the year to 30 June 2016, a 15% increase following a "recovery in investor confidence ahead of the tax-year end" as well as new product launches. The group's range of multi-manager funds and select funds saw net new business of £1.2bn, which combined with a stockmarket increase of £1.3bn led to AUA in the range rising 4...
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