Never miss an issue of Master Investor Magazine – sign-up now for free!
Financial services firm Hargreaves Lansdown (LON:HL.) has seen its share price drop by 5.62% to 1,896p (as of 14:00 GMT) after the company said that assets under administration had fallen by 6% since June 2018. There were some brighter spots as profits before taxation for the six months ended 31st December rose by 4% and the company brought in £2.5 billion in new business.
Chief executive Chris Hill commented: “The diversified nature of Hargreaves Lansdown has enabled us to continue growing despite a period of geopolitical uncertainty, market volatility and weak investor confidence. We have a significant long-term market opportunity and our recent investment in service and developing our proposition are bringing real benefits to the business and our clients, both in difficult times such as the present and as and when conditions improve“.