Bristol stockbroker announces record three months as clients return

Bristol-based wealth management firm Hargreaves Lansdown saw £1.6bn worth of business in the past three months.

The firm, which is the subject of a multi-billion pound takeover bid from a private equity consortium, said it now has a record £155.3 billion of assets under its control.

The firm welcomed 24,000 new customers during the period, up 85% year-on-year, with 1,882,000 active customers now on the platform.

Chief executive Dan Olley said: “While we still have more to do to deliver on our strategic priorities, we are making progress and I am delighted to see good momentum this quarter with another 24,000 new customers joining HL, 1.6 GBP. billion in net new business generated and a record closing AUA of £155.3 billion for the full year.

“Our continued focus on customer service, customer experience and value continues to deliver, with customer NPS for the second half of the year, which includes the busy year-end fiscal season, at 44, up from 41 in the first half .

“Striving for a great customer experience also means giving customers what they want, whether it’s fully managed or passive products at a lower cost. Our recently launched range of managed and multi-index funds has proved popular, exceeding our launch targets and generating £0.4bn of the £0.5bn increase in our HL range of funds over the quarter.

“As our results translate across the business, we will continue to invest in our customer value proposition by delivering excellence in customer service, improving the customer experience and increasing overall customer value over time.”

“We operate in a large and growing market and our aim to make it easier to save and invest for a better future has never been more relevant, so we welcome the new government’s early focus on growth and encouraging more people to is involved in finance. Our scale, trusted brand and unique data insights, combined with our focus on increasing the pace of strategic execution, will deliver sustainable growth for the benefit of all stakeholders.”

Talks on the takeover bid will continue after the London Stock Exchange extended the deadline.