Hargreaves Lansdown has weathered the Q1 market decline with only a 2% drop in total assets under administration.
In its interim management statement to 31 March, Hargreaves announced its asset values fell from £10.9bn to £10.7bn, despite the FTSE All Share plunging by 11% in the period. Assets in Hargreaves’ Vantage service dropped by 2% to £9.8bn, with the firm citing strong business inflows as compensation for the negative market impact. In the full tax year ended 5 April 2008, new ISA contributions increased 2% to £430m, while investments into SIPPs jumped by 53% to £1.16bn. Chief executive Peter Hargreaves says the firm has shown resilience in the “remarkable period” for financial markets. ...
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