LONDON - Hargreaves Lansdown PLC, a leading UK financial service company, reported an increase in assets under administration (AUA) to £157.3 billion for the quarter ending September 30, 2024. This growth was attributed to a positive market movement which contributed £1.5 billion and net new business of £0.5 billion. The firm also experienced a net client increase of 18,000 during the quarter, primarily in SIPP, ISA, and Active Savings accounts, although client and asset retention rates slightly dipped below the company's long-term goals.
Share dealing activity rose to an average of 738,000 transactions per month, with international trades comprising 20.2% of the total. Client cash balances ended the quarter at £12.7 billion, seeing a slight increase due to net investment sales by clients in September.
Total revenue for the quarter was reported at £196.5 million, a rise from £183.8 million in the previous quarter. This increase was driven by higher dealing volumes and elevated platform revenue, which offset the year-on-year decline in revenue from cash due to a lower net interest margin.
CEO Dan Olley commented on the company's performance and the pending acquisition of Hargreaves Lansdown, which has received shareholder approval and awaits regulatory clearances. Expected to complete in Q1 2025, Olley reaffirmed the company's commitment to client service and strategic execution. He emphasized the importance of savings and investments for financial futures, positioning Hargreaves Lansdown as a pivotal platform for retail investors in the UK.
This summary is based on a press release statement from Hargreaves Lansdown.
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