By Laurence Fletcher
LONDON, Oct 15 (Reuters) - British investment manager Hargreaves Lansdown said improving investor confidence and rising markets helped drive its assets under administration to a record level in the third quarter.
The firm, the UK’s largest distributor of mutual fund products to retail investors, said assets rose 8 percent over the three months to end-September to 39.3 billion pounds ($62.9 billion), helped by 1.26 billion pounds of net new business.
The firm added 20,000 net new clients, an 186 percent increase over the same period last year.
British investment management firms have been boosted by a rise in markets over the past year, with the FTSE 100 index gaining 4 percent over the past quarter.
Hargreaves said that many of its investors in last week’s hugely popular share sale in Royal Mail were new clients and that it expected to retain most as new investors.
However, it added that a fall in interest deposit rates hit interest margin revenue and would be a headwind for its revenue and profit.