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Hargreaves Lansdown enjoys strong end to the tax year

The new Active Savings account saw almost £400mln flow in
End of tax year boosted inflows

Hargreaves Lansdown PLC (LON:HL.) attracted £2.9bn in new money in the final four months of the tax year, helping assets under management rise to £97.8bn.

The wealth manager now has close to 1.2mln clients with new additions of around 53,000 in the period.

Hargreaves added its new Active Savings account, which enables customers to allocate cash into bank accounts paying the best rates, pulled in nearly £400mln in new funds.

Market movements this year have also moved strongly in the wealth manager’s favour, which boosted the assets under management.

Revenues in the four months were 6% higher at £159.5mln with a higher cash revenue margin offsetting lower share trading volumes.

For the ten months to April, revenue rose 8% to £396mln. Hargreaves' financial year runs to June.

Shares eased 1% to 2,288p.

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