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LONDON | Thu Oct 13, 2011 9:22am BST
LONDON (Reuters) - Investment manager Hargreaves Lansdown continued to attract new money during its first quarter against a backdrop of falling markets while warning clients have started "delaying" making investments.
Net new business inflows of assets during the three months to September 30 were up 24 percent from a year earlier at 680 million pounds, Hargreaves (HRGV.L) said in a statement.
However, the total value of assets under administration fell 9 percent during the quarter to 22.3 billion pounds, attributed to falling stock markets.
The company warned market weakness and fears about a possible return of recession is hitting investor sentiment, however.
"In September we have seen clients and potential clients may be delaying their investment decisions," Chief Executive Ian Gorham said.
Economic uncertainty related to Europe's debt crisis and the possibility of a double dip recession is likely to continue to constrain client appetite for investing, he added.
"It is increasingly likely the retail investor will feel they need more pounds in their pocket and may continue to defer new investment decisions," he said.
(Reporting by Chris Vellacott)
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