Hargreaves profits hit record amid 'shift' to DIY investing

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 ...