Hargreaves Lansdown sees assets drop 6% on weaker markets
The group said external market conditions have impacted investor confidence and driven outflows. It said its own measure of UK investor confidence was its lowest point since the index was launched in 1995.
However, the group’s fall in assets wasn’t as severe as that seen in the wider UK stock market: the FTSE 100 dropped 12% over the same period.
The group now has £85.9bn invested on its platform and 1,136,000 active clients, an increase of 45,000 since 30 June 2018.
Over the six month period, Hargreaves Lansdown has launched its ‘Active Savings’ option. This cash management service allows its users to switch between savings accounts. It now has £385m in the service across over 13,000 client accounts.
The group has also increased the level of marketing and promotional activity to build market share.
The group believes there are still significant opportunities ahead. Chief executive Chris Hill said: “The market opportunity for Hargreaves Lansdown remains significant, extending across £ £1.0 trillion of addressable investment assets within the private wealth market and up to £2.4 trillion when cash savings are also included. People need to take charge of their money and manage it over a longer period and yet savings and investments are becoming more complicated. Clients therefore need help and want solutions more than ever before.”