Hargreaves Lansdown Announce Jump in Assets and Profits

Hargreaves Lansdown has allayed fears that the upcoming implementation of the RDR will negatively affect them by announcing that they have experienced a jump in assets under administration and full year profit. The group was expected by some to be damaged when regulations come into place to restrict payments received by fund managers, however pre-tax profits have risen to £126 million for the year to 30th June, a 46% increase from a year earlier. Assets under administration rose 41% to £24.6 billion, exceeding all expectations. Ian Gorham, who is the chief executive of the group, claims that they will be able to adjust to any changed brought through by the FSA, stating "We see no current reason why our revenue or profits should be materially affected by the RDR." Hargreaves Lansdown shares soared 56p, or 13%, to 488p, making it the biggest rising stock on the UK stockmarket.
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