Hargreaves Lansdown assets boosted by market gains, net inflows
LONDON, May 15 (Reuters) - British fund supermarket Hargreaves Lansdown on Wednesday posted a 13.9% rise in assets in the first four months of 2019, boosted by market and new business gains. Total assets under administration at the end of April were 97.8 billion pounds ($126.26 billion), up from 85.9 billion at the end-December, it said in a statement. New business wins were driven by an increase in the number of new clients, wealth consolidation onto platform from existing clients, flows into its cash management service and an asset transfer of old business from Witan Investment Services. Hargreaves has benefited as other investment firms look to move groups of old retail client business off their books as the costs of managing smaller client portfolios rises. As well as Witan, Hargreaves has also agreed to take on business from JP Morgan and Baillie Gifford, with most of their clients and respective assets expected to arrive in the early months of the next financial year, it said.