Hargreaves Lansdown reports lower assets under administration due to “geopolitical uncertainty, market volatility and weak investor confidence,” new business dropped 24% year-on-year to £2.53bn.
Under administration, assets slipped 0.2% for six months to 31 December, the same period a year earlier fell 6% to £85.9bn since 30 June.
Chris Hill, chief executive of Hargreaves Lansdown said, “The diversified nature of Hargreaves Lansdown has enabled us to continue growing despite a period of geopolitical uncertainty, market volatility and weak investor confidence.
“We have a significant long-term market opportunity and our recent investment in service and developing our proposition are bringing real benefits to the business and our clients, both in difficult times, such as the present, and as and when conditions improve.
“Brexit is on the horizon, and until certainty is reached, it will continue to impact markets and consumer confidence.
“Financial decision-making becomes trickier and clients can become reluctant to invest more in volatile markets and prefer to sit on the sidelines”.
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