Har­g­reaves Lans­down picks up 30,000 new clients as dis­cord steps up a gear

Yorkshire Post - Business - - BUSINESS -

FI­NAN­CIAL SER­VICES group Har­g­reaves Lans­down has notched up an­other 30,000 new clients as dis­grun­tled cus­tomers switched from Bar­clays Stock­bro­kers’ ri­val in­vest­ment plat­form.

The Bris­tol-based group said the num­ber of clients on its on­line fund su­per­mar­ket swelled to 983,000 in its first quar­ter to Septem­ber 30, while as­sets un­der man­age­ment rose 4 per cent to £82m since the end of June.

It said the per­for­mance was helped by “sig­nif­i­cant trans­fer ac­tiv­ity re­lat­ing to oper­a­tional is­sues on a com­peti­tor plat­form”.

The group de­clined to name the em­bat­tled ri­val, al­though it is un­der­stood to be bank­ing gi­ant Bar­clays, whose DIY in­vest­ment plat­form Smart In­vestor has been be­set by a raft of prob­lems.

It was del­uged by com­plaints after is­sues trans­fer­ring clients from its Stock­bro­ker ser­vice to the newly re­branded Smart In­vestor plat­form in Au­gust.

Woes were com­pounded after it emerged last week that a glitch meant div­i­dend pay­ments for some Smart In­vestor cus­tomers were de­layed, im­pact­ing some of the FTSE’s big­gest in­come stocks.

An­a­lyst Stu­art Duncan at Peel Hunt said: “De­spite the per­sis­tent fears re­gard­ing the com­pet­i­tive land­scape, the growth that Har­g­reaves Lans­down is de­liv­er­ing makes it clear that the busi­ness en­joys a dom­i­nant po­si­tion in the di­rect to con­sumer plat­form market.”

Har­g­reaves also thanked an on­go­ing bullish stock market and solid in­vestor con­fi­dence for the ro­bust per­for­mance, as well as a con­certed dig­i­tal mar­ket­ing push.

The group saw net new busi­ness grow by £1.5bn in its first quar­ter, while rev­enues rose 15 per cent to £104.1m.

Chris Hill, chief ex­ec­u­tive of Har­g­reaves Lans­down, said: “I’m pleased to re­port a solid start to the new fi­nan­cial year for net new busi­ness and rev­enue.”

The group saw co-founder and bil­lion­aire Stephen Lans­down off­load £188m of shares at the end of Septem­ber.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.