Hargreaves Lansdown has reported net new business flows were down 22% in the third quarter as a result of "uncertainty about the future economic environment weighing on investors' minds."
In a trading update for the three months to 30 September, Hargreaves said despite higher stockmarket levels, such concerns have impacted new business flows which fell to £1.11bn for the period, compared with £1.43bn for the same quarter last year. However, the success of last year's results was largely attributed to new pension freedoms and the transfers of Child Trust funds in Junior ISAs (JISAs), creating a record first quarter for the group. Hargreaves Lansdown CEO weighs in on ‘disgraceful' Lloyds sale The firm also reported an increase of £5.9bn in AUM, making total funds und...
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