Takeover looms over Hargreaves as funding platform suffers a 16% drop in new enterprise
Hargreaves Lansdown said it brought in £500 million in net new business in the three months to September 30
Hargreaves Lansdown saw a more than 16 per cent drop in new business last quarter, as it gears up for a private equity takeover in 2025.
The London-listed investment platform said it brought in £500million in new business in the three months to September 30, compared with £600million in the previous quarter.
However, assets under administration finished the quarter in line with analyst expectations at £157.3billion.
The firm welcomed 18,000 clients, up from 8,000 previously, driven mainly by its pensions and savings products.
Asset retention, a measure of whether customers are selling their assets on Hargreaves’ platform, fell slightly to 88.6 per cent from 89 per cent in the first quarter.
Earlier this month, shareholders agreed to a £5.44billion takeover by a consortium including buyout giant CVC Capital Partners and the Abu Dhabi wealth fund.
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