(Reuters) -British investment platform Hargreaves Lansdown said on Friday its new customers and net new business rose in the fourth quarter, after more investors made tax-saving investments at the end of the fiscal year.
Hargreaves, which is also set to agree to a takeover deal with a CVC-backed consortium, said net new clients jumped 85% in the three months ended June 30.
Investment platforms, which were hurt by geopolitical and macroeconomic tensions, are now seeing a pick-up in inflows as a gradually improving economic landscape boosts investors’ risk sentiment.
The Bristol-based company’s assets under administration was at 155.3 billion pounds ($200.85 billion) at the end of the fourth quarter, slightly above analysts’ forecast of 153.17 billion pounds, according to a company compiled consensus.
Net new business of 1.6 billion pounds matched analysts forecast, but it was down from 1.7 billion pounds a year ago.
($1 = 0.7732 pounds)
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Sherry Jacob-Phillips and Rashmi Aich)
