Growth slows at Hargreaves Lansdown as investor confidence falters

AUM up £800m in Q3 2023

Hargreaves Lansdown has posted lower growth across the business in the third quarter of 2023.

Although the company reported continued client growth over the three months in its trading update today (19 October), revenue, net new clients, share dealing volumes and client and asset retention all came in lower compared with the second quarter of the year. Revenue at the end of Q3 2023 stood at £183.8m, down from £197m at the end of June. Similarly, the number of net new clients dropped from 13,000 to 8,000 as of 30 September 2023; with share dealing volumes per month coming in 50,000 lower than in Q2 alongside small drops in asset and client retention. New Hargreaves Lansdown CEO...