Hargreaves revenue up 10% but adviser earnings fall

Operating revenues increased 10% to £32.8m compared with the first three months of 2008. Vantage revenues climbed 23% to 21.8m, contributing the bulk of Hargeaves Lansdown's earnings. However, stockbroking revenue plummeted 23% to £1.3m, while advisory services saw a fall of 11% to £3.8m. The amount contributed to Hargeaves' portfolio management service by its advisory division fell 24% to £71m. The group's total assets under administration (AUA) climbed 3% in the first quarter of 2009 to £10.2bn despite turbulent markets. AUA on Vantage increased by £300m in the three months to 31 Ma...