Rising client numbers helped retail stockbroker Hargreaves Lansdown (LON:HL.) mark up a record first quarter in the first three months of 2014.
The value of assets under management, a key indicator for stockbrokers, increased £2.3bn in the quarter to a company record of £45.7bn. That compares with assets of £35.1bn in the comparative period of last year.
At 617,000 the number of active clients was up from 483,000 last year.
The broker also revealed record ‘net inflows’ with £1.83bn coming in over the first three months of 2014, whilst at £4.63bn the cumulative figure for the last nine months (three quarters of the company’s financial year) is also a record.
Hargreaves’ net revenues for the year-to-date increased by 8% to £216mln.
The broker highlighted changes in its business as a result of the new rules, relating to the requirements of the Retail Distribution Review 2 (RDR2), as well as the upcoming industry changes as a result of reforms in pension and ISA rules.
Chief executive Ian Gorham says the changes announced in the spring budget represent a “sea change” in opportunity.
“More importantly, positive voter and press reaction have signalled to politicians that pensions and investments are an important potential vote-winning subject,” he said.
“We may now find that there is more enthusiasm about retail investing, something Hargreaves Lansdown has long campaigned for.”