News

Stock declines hit Hargreaves Lansdown

21 October 2008 14:56:00

Hargreaves Lansdown saw a fall in assets under administration (AUA) in the first quarter as the turmoil plaguing the markets began to affect the investment manager.

AUA on September 30 totalled £9.4bn, down from £10.2bn on June 30.

Bristol-based Hargreaves, which offers clients ISAs, PEPs and other investments, pointed out that the 7% decline in its AUA was less than the 13% fall in the FTSE all share index.

"We have not been immune from the decline in the value of client investments but we have been vigilant to ensure we have not been exposed to investments that have been directly affected by defaults," chief executive Peter Hargreaves said.

He continued: "Trading will be difficult but we are convinced that our philosophy of putting our clients first and providing them with the best service, the best prices and the best information will result in us continuing to succeed in our field."

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