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Hargreaves Lansdown fiscal Q1 assets under administration up on market growth

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Hargreaves Lansdown fiscal Q1 assets under administration up on market growth

Hargreaves Lansdown Plc reported assets under administration of £82.0 billion for the first fiscal quarter ended Sept. 30, up 4% from £79.2 billion in the fiscal quarter ended June 30.

The company reported net new business, excluding a transaction in which co-founder Stephen Lansdown sold shares in the company for £188 million, of £1.54 billion in the quarter ended Sept. 30.

Hargreaves Lansdown attributed the net new business result to improved market sentiment, continued investment in its digital marketing presence, an increase in client numbers and their wealth consolidation into the firm's platform.

The company took in 30,000 new clients, taking its total active client numbers to 983,000 at the end of September.

Total net revenue amounted to £104.1 million, benefiting from the net new business and higher market levels, compared to the £90.5 million reported a year ago.