LONDON (dpa-AFX) - Asset manager Hargreaves Lansdown Plc (HL.L) Wednesday said its net inflows for the third quarter increased from last year and posted a 23 percent growth in operating revenue. The shares are up about 4 percent in the morning trade.
In an interim management statement, the company said its net inflows in the quarter were 1.80 billion pounds, higher than 1.00 billion pounds in the previous year.
Assets under Administration or AUA climbed 35 percent to 35.1 billion pounds from 26 billion pounds as at March 31, 2012. The value of assets held within the Vantage service, the Group's direct-to-private investor platform, increased 16 percent to 33 billion pounds at March 31, from 28.5 billion pounds at the end of the year 2012.
The number of active Vantage clients increased about 30,000 to 476,000 as at March 31, from 446,000 as at December 31, 2012.
Operating revenue increased to 76.3 million pounds from 62.1 million pounds in the previous year.
For the nine months ended March 31, 2013, operating revenue climbed 24 percent to 216.6 million pounds. Net inflows were up 59 percent at 3.44 billion pounds.
Ian Gorham, chief executive of the company stated, '...Our first class service; investment in the business; introduction of a SIPP loyalty bonus; improved investor confidence; increased marketing activity; and the attraction of equity investment in a low interest rate environment have all contributed to our continued growth.'
According to the firm, all areas of the business have performed strongly, with a 127 percent rise in net inflows to its discretionary Portfolio Management Service year-to-date.
HL.L is currently trading at 935.19 pence, up 35.19 pence or 3.91 percent, on a volume of 1.05 million shares.
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