Hargreaves Lansdown warns of slowdown
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Financial services firm Hargreaves Lansdown (LON:HL.) announced that it had £94.1 billion in assets under administration as of 30th September, a 3% rise over the quarter. Net revenues for the three months ended 30th September were 16% higher than in 2017. However, the business warned of weak investor sentiment and shares in the company fell by 4.98% to 1,851p (as of 14:45 BST).
Chief executive Chris Hill commented: “I’m pleased to report a solid start to our financial year for growth in clients, net new business and revenue. The past quarter has seen an uncertain market environment and weak investor sentiment resulting in an industry-wide slowdown in net retail flows. Despite this backdrop, we believe the strength of our business model positions us well for when sentiment improves“.
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