Hargreaves Lansdown to launch new funds as profits tumble 26%

Performance down across most metrics

Hargreaves Lansdown is set to launch a new range of in-house funds in a bid to improve the competitiveness of its products while its profits tumbled over the first half of the year.

According to the platform's H1 2022 results, profits were down 26% year-on-year, falling to £269.2m over the past six months. Hargreaves Lansdown launches ETF research arm The company recorded negative change across most performance metrics compared with the same period last year, with net new business down 37%, total assets under administration 9% smaller at £123.8bn and revenue shrinking by 8%. This also led to a reduction in diluted earnings per share, down 27% to 45.6 pence. HL confirmed the total ordinary dividend would increase 3% to 39.7 pence per share, although the total d...