UK-based financial brokerage Hargreaves Lansdown released its report for the three months ended 30 June 2023.
For the fourth quarter of the year, the company registered £1.7 billion of net new, with a 6% increase from the previous quarter and slightly lower than last year.
The assets under administration (AUA) for the period stood at £134 billion in the fourth quarter, with a 2% rise, driven by net new business and positive market movements
Hargreaves Lansdown also reported 13,000 new active clients for the quarter, reaching 1,804,000 clients in total. Client retention for the period reached 92%, however, the asset retention rate came in at 89.7%, as a result from some cash withdrawals by clients to fund cost-of-living increases.
We delivered net new business of £1.7 billion in the period, up 6% on the previous quarter. The tax year end season remains a critical time for our clients and this year we focused on supporting them to navigate the changes to the tax landscape, making the most of their allowances and delivering further value to our overall client proposition.
The improvements in the previous quarter, including the launch of a new cash ISA, three new Portfolio Funds and price reductions on our LISA and JISA accounts, were further enhanced with the removal of fees for dividend reinvestment and regular monthly investing along with the addition of new partner banks to Active Savings.
The breadth of and continued investment into our client proposition, means we remain well positioned to grow and support both new and existing clients with their investment and savings needs.
During the quarter, the average monthly share dealing volumes stood at 685,000, reflecting an 11% decline compared to the previous quarter and a 12% decline compared to the same period last year. Throughout the quarter, investor confidence remained low due to factors such as cost-of-living concerns, increasing interest rates, and market volatility, all of which had a negative impact on the number of transactions taking place.
The company noted that it will publish its full year results on 19 September 2023.
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