Record inflows for Hargreaves Lansdown

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Investment firm Hargreaves Lansdown said it collected record net inflows of £2.75bn in the four months to end-April, boosted by strong demand for its pension services.

The group, which makes most of its money by offering retail investors access to a range of funds through an online platform, said total assets under administration rose by £6.2bn to a record £55.3bn pounds, compared with £49.1bn at the end of December.

The new four-months trading statement replaced its traditional first-quarter report to show performance over the critical tax year end period, with strong demand seen for its pension services after the government freed up what people could do with their retirement savings.

Chief executive Ian Gorham said: “Hargreaves Lansdown has invested heavily in at-retirement support and planning tools... The Group has benefited from both extensive new business and consolidation through inward transfers.

“We have also experienced lower than expected withdrawals from pensions as clients appear to be using the freedoms extremely sensibly.”

Strong client and asset retention rates also helped underpin the asset growth, driving an increase in net revenue to £241m in ten months to end of April, from £239.3m pounds during the same period last year, it said in a statement.

The number of net new active clients on its main online platform rose by 40,000 in the four month period, taking total active clients to 715,000 at the end of April, up 13 per cent from the prior year’s 630,000.