Hargreaves Lansdown assets and new business fall in Q1

Reiterates guidance

Investment platform Hargreaves Lansdown has reported its closing assets under administration fell to £132.3bn at the end of April, from £141.2bn at the end of December last year.

It said this was due to "adverse market movement through the period driven partly by exposure to global equity markets, particularly US technology stocks, with the Nasdaq down 21%". Assets in funds dropped by £6.1bn from the end of December to the end of April, while shares fell £4.5bn and HL funds fell £0.6bn. It also reported net new business of £2.5bn for the four months until the end of April, down from £4.6bn from the previous year. HL said this reflected the moderation of flows seen across the market and highlighted that 2021 figures benefited from improving markets and investor...