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Hargreaves Lansdown PLC on Tuesday reported a rise in assets under administration as well as faster net client growth, ahead of its planned acquisition by a private equity consortium led by CVC Capital Partners PLC. The Bristol, England-based wealth management platform said assets under management rose 17% to £157.3 billion in the third quarter of 2024 from £134.8 billion a year ago. They were 1.3% higher than £155.3 billion at the end of June. Revenue rose 6.9% on-year to £196.5 million from £183.8 million, but was 0.3% below £197.0 million in the fourth quarter of financial 2024 that ended on June 30. Net client growth surged to 18,000 in the financial first quarter ended September 30 from 8,000 a year ago. This was driven by net new clients in self-invested personal pensions, individual savings accounts, and active savings accounts. Chief Executive Officer Dan Olley said: ‘With millions of households without enough saved to enjoy a comfortable lifestyle in later life, it has never been more important for the UK to save and invest for their financial futures, and as the UK’s largest platform for retail investors HL is well placed to help them do so.’ Hargreaves Lansdown continues to expect its takeover to complete in the first quarter of 2025. Hargreaves Lansdown back in August accepted a £5.44 billion offer from a consortium made up of CVC private equity funds, Nordic Capital XI Delta and Platinum Ivy B 2018 RSC Ltd, part of Abu Dhabi Investment Authority. Shareholders will receive 1,140 pence per share in cash, including a 30p dividend from Hargreaves. Hargreaves Lansdown shares were 0.2% higher at 1,089.00 pence each on Tuesday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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