The financial service company added £1.7 billion net in new business.
The number of active clients increased 13,000, reaching 1.8 million.
Hargreaves
Lansdown (LSE: HL), a British company that sells funds and shares to retail
investors, has released its trading update for the three months ended 30 June
2023. The company reported an increase in net new business and active clients
and a slight rise in assets under administration.
Hargreaves Lansdown
Reports Strong Performance
According
to the trading update, Hargreaves Lansdown attracted £1.7 billion of net new
business in the quarter, which is up 6% from the previous quarter and slightly lower
than last year. The company attributed this to its focus on supporting clients
to navigate the changes to the tax landscape and make the most of their
allowances.
The company
also added 13,000 active clients in the quarter, raising the total number of active clients to
1.8 million. The client retention rate was 92%, while the asset retention rate
was 89.7%, reflecting some cash withdrawals by clients to fund cost-of-living
increases.
The assets
under administration (AUA) increased 2% in the quarter, reaching £134
billion. This was driven by net new business and positive market movements.
“The
breadth of and continued investment into our client proposition, means we
remain well positioned to grow and support both new and existing clients with
their investment and savings needs,” Chris Hill, the CEO of Hargreaves
Lansdown, commented on the update.
He
mentioned some of the company's improvements in the previous quarter, such as
launching a new cash ISA, three new Portfolio Funds, and removing fees for
dividend reinvestments. Hill highlighted the addition of new partner banks
to Active Savings, which is a service that allows clients to manage their cash savings
through one account.
However,
not all aspects of the company’s performance were positive. The share dealing
volumes averaged 685,000 per month in the quarter, which was 11% lower than the
previous quarter and 12% lower than the prior year.
The company
said that this was due to low investor confidence across the quarter,
influenced by cost-of-living issues, rising interest rates and market
volatility.
The company
will issue its full-year results on 19 September 2023 and hold its Annual
General Meeting on 8 December 2023.
The company
reached a record valuation in 2019, when its shares were sold for almost GBP £2,500.
Since then, however, it has been consistently losing value, falling by more
than 60% since 2020. Today (Wednesday), one share of HL on the London Stock
Exchange costs GBP £840.
New CEO
In
December, Hargreaves Lansdown announced the appointment of Dan Olley as the new
Chief Executive Officer and Executive Director, replacing Chris Hill. Following
his tenure as the CEO, Hill will continue with the firm until
November 2023 to facilitate a smooth transition.
Dan Olley
has been serving as a Non-Executive Director at Hargreaves Lansdown since June
2019. He previously held the position of CEO at Dunnhumby, a customer data
science firm based in London. With nearly thirty years of industry experience,
Olley is a seasoned professional. In addition, he serves as a member of the
Industrial Advisory Board at Imperial College London.
Hargreaves
Lansdown (LSE: HL), a British company that sells funds and shares to retail
investors, has released its trading update for the three months ended 30 June
2023. The company reported an increase in net new business and active clients
and a slight rise in assets under administration.
Hargreaves Lansdown
Reports Strong Performance
According
to the trading update, Hargreaves Lansdown attracted £1.7 billion of net new
business in the quarter, which is up 6% from the previous quarter and slightly lower
than last year. The company attributed this to its focus on supporting clients
to navigate the changes to the tax landscape and make the most of their
allowances.
The company
also added 13,000 active clients in the quarter, raising the total number of active clients to
1.8 million. The client retention rate was 92%, while the asset retention rate
was 89.7%, reflecting some cash withdrawals by clients to fund cost-of-living
increases.
The assets
under administration (AUA) increased 2% in the quarter, reaching £134
billion. This was driven by net new business and positive market movements.
“The
breadth of and continued investment into our client proposition, means we
remain well positioned to grow and support both new and existing clients with
their investment and savings needs,” Chris Hill, the CEO of Hargreaves
Lansdown, commented on the update.
He
mentioned some of the company's improvements in the previous quarter, such as
launching a new cash ISA, three new Portfolio Funds, and removing fees for
dividend reinvestments. Hill highlighted the addition of new partner banks
to Active Savings, which is a service that allows clients to manage their cash savings
through one account.
However,
not all aspects of the company’s performance were positive. The share dealing
volumes averaged 685,000 per month in the quarter, which was 11% lower than the
previous quarter and 12% lower than the prior year.
The company
said that this was due to low investor confidence across the quarter,
influenced by cost-of-living issues, rising interest rates and market
volatility.
The company
will issue its full-year results on 19 September 2023 and hold its Annual
General Meeting on 8 December 2023.
The company
reached a record valuation in 2019, when its shares were sold for almost GBP £2,500.
Since then, however, it has been consistently losing value, falling by more
than 60% since 2020. Today (Wednesday), one share of HL on the London Stock
Exchange costs GBP £840.
New CEO
In
December, Hargreaves Lansdown announced the appointment of Dan Olley as the new
Chief Executive Officer and Executive Director, replacing Chris Hill. Following
his tenure as the CEO, Hill will continue with the firm until
November 2023 to facilitate a smooth transition.
Dan Olley
has been serving as a Non-Executive Director at Hargreaves Lansdown since June
2019. He previously held the position of CEO at Dunnhumby, a customer data
science firm based in London. With nearly thirty years of industry experience,
Olley is a seasoned professional. In addition, he serves as a member of the
Industrial Advisory Board at Imperial College London.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Finalto Unveils Guidelines for Retail Brokers: "Compliance Is a Culture of Responsibility"
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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