Investment platform Hargreaves Lansdown has reported a rise in inflows and assets on the back of the meme-stock frenzy and surging interest from retail investors, driving “record performance” for the Bristol-based wealth manager.
The company, which administers £135.5bn of investments for more than 1.65 million clients, signed up 233,000 net new clients and posted £8.7bn of net new business in the year to the end of June. However, profits before tax fell short of 2020's result, down 3% to £366m on the back of higher costs. Revenue grew by 15% to £631 million, thanks in part to a changing demographic and the impact of the pandemic on client habits. During the financial year, 83% of new clients to the company were under 55 and demand for digital services saw 393 million online visits and 98% of trades being made ...
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