Typically, Hargreaves said the first quarter of the financial year is quiet, however it posted a £2.9bn increase in assets under administration (AUA) and strong growth in its net new business.
Between 1 July and 14 October, Bristol-based Hargreaves, which was founded by Peter Hargreaves and Stephen Lansdown, said that inflows hit £1.2bn, versus £0.55bn in in quarter one, while AUA jumped from £36.4bn.
Net new clients also rose and were up by 20,000. This represented a 186% increase compared to the same period last year.
First class boost
However it was Royal Mail, which officially returned to private hands on Friday with a frenzied IPO, that gave Hargreaves the most notable lift during the second quarter.
Hargreaves said the listing had generated “unprecedented” public interest. “The rules of the offer prevent us from immediately disclosing details of participation through Hargreaves Lansdown, but suffice to say it was immense,” the firm said.
Following its interim management statement, shares in Hargreaves Lansdown jumped 1.19% to 1,021.00p, while Royal Mail shares raced past the 480p mark as public trading began.
