Hargreaves Lansdown reported a fall in assets under management for the full year as the war in Ukraine, inflation and cost-of-living crisis shook investor confidence.
The company reported a 9% drop in its assets under administration to £123.8bn in the year to June 30. Pre-tax profits were down by a quarter to £269.2m.
Net new business inflows fell to £5.5bn, compared with £8.7bn a year earlier,
“This year has been a year of contrasting moods. It was welcome to see signs of recovery from the Covid-19 pandemic, but that sense of optimism has been replaced by new challenges including inflationary pressure, international conflict and a worsening cost of living crisis that is now having an impact on so many lives.”
“The result is that investor confidence has fallen significantly.”
Reporting by Frank Prenesti at Sharecast.com