“But we grew assets under management by 18% to £55 billion and added another 84,000 clients, taking the total to 736,000.”
Gorham said he was not going to predict what markets might do in the current year but said with economic conditions improving there was value in several key stock markets in Europe and Japan.
The firm has also benefited from the Chancellor’s pension reforms with more people wanting to look after their own savings pots.
He said: “At last pensions are cool and that’s good news.” He is also optimistic the Chancellor will stick to his promise to sell off the taxpayers’ remaining Lloyds Banking Group shares through a public retail offer later this year.
Chancellor George Osborne has overhauled pensions
Ben Stansall/AFP/Getty Images
Hargreaves’ shares rose 52p to 1167p, valuing Hargreaves’ stake at £1.8 billion and Lansdown’s at £881 million.
The amount it was made to pay into the Financial Services Compensation Scheme jumped from £800,000 to £4.4 million for “the failings of less reputable companies.”
