Hargreaves profits hit record amid 'shift' to DIY investing

clock

Self-directed wealth platform Hargreaves Lansdown has posted record half-yearly revenue and profits as the business noted a "general trend" towards DIY investing as a result of changes brought about by the Retail Distribution Review (RDR).

The company posted profits before tax in the six months to 31 December 2012 of more than £93m, up 30% on the £72m achieved in the same period the previous year and a record for the business. Total revenue was also a record at £140m, up 24% on the same period last year, with the business citing a 16% growth is assets under administration - to £30.4bn - and the "helpful" performance of stock markets as key factors behind the numbers. The company said it had noted there had been a net decrease in financial adviser numbers of 1,200 in the 18 months leading up to implementation of the RDR ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers expecting more of asset managers since Consumer Duty

Advisers expecting more of asset managers since Consumer Duty

‘We actually need to understand one another better’

Hope Coumbe
clock 28 March 2024 • 1 min read
Fears tech limitations could stall MPS on its upward trajectory

Fears tech limitations could stall MPS on its upward trajectory

‘There have been a few changes and challenges around growth in general’

Hope Coumbe
clock 27 March 2024 • 1 min read
Partner Insight: Beyond 60/40

Partner Insight: Beyond 60/40

Invesco
clock 27 March 2024 • 5 min read