Hargreaves Lansdown has seen an increase in clients opening Sipp, Isa and active savings accounts.
In its trading update for the three months ended September 30 2024, the company reported net client growth of 18,000.
It said this was driven by new clients in the Sipp, Isa and active savings accounts, while client retention was reported at 92 per cent.
According to the update, assets under administration hit £157.3bn as a result of new business of £0.5bn and positive market movement of £1.5bn.
Total revenue in the quarter was £196.5mn, as a result of increased dealing volumes and higher platform revenue from higher AuA levels, according to Hargreaves Lansdown.
In August this year, the FTSE 250 company announced it had accepted a £5.9bn takeover bid from a private equity consortium which includes the Abu Dhabi sovereign wealth fund.
Dan Olley, chief executive of Hargreaves Lansdown, said the acquisition had been accepted by shareholders and was due to complete in Q1 2025.
He also noted the incoming Budget tomorrow (October 30) and said the business would be “on hand” to support and guide its clients following any potential changes.
“With millions of households without enough saved to enjoy a comfortable lifestyle in later life, it has never been more important for the UK to save and invest for their financial futures, and as the UK's largest platform for retail investors HL is well placed to help them do so,” he added.
Elsewhere in the update, client cash balances closed at £12.7bn with the increase driven by selling of investments by clients in September.
Share dealing volumes averaged 738,000 per month in the quarter with overseas deal volumes representing 20.2 per cent of total deals in the quarter.
alina.khan@ft.com
