Hargreaves Lansdown has reported modest growth to total assets on the investment platform during its first quarter.
The firm said it booked new business of £600m in the period to 30 September, bringing assets under administration to £134.8bn with market movements factored in.
Net new client growth was 8,000 in the period, taking the firm up to 1,812,000 active clients, with a retention rate of 91.7%.
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Revenue for the quarter was £183.8m, up 13% on the £162.9m booked in the same quarter last year.
The company’s AGM is scheduled to be held on 8 December 2023 and its interim results will be issued on 22 February 2024.
Chief executive Dan Olley commented: “We continue to see net client growth and positive net new business despite the macroeconomic backdrop and its on-going impact on investor confidence and client behaviour.
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“Clients are looking to invest more in cash than risk-based investments, from our Active Savings offer, giving easy access to a range of banking partners, to Money Market Funds and short-dated bonds. Combining this with informative and relevant content provides our clients with a wide range of solutions to meet their saving and investment needs.”
