Net revenue increased by 8% up to £291.9m, fuelled largely by organic growth with 144,000 new clients added during the year, pushing the total amount to 652,000.
Hargreaves’ chief executive, Ian Gorham, also attributed revenue growth to an uptake in complementary services, such as stockbroking, its pension drawdown services and its fund and discretionary management services.
“Our core strategic priorities remain as; the delivery of growth in assets and client numbers through the provision of excellent and efficient service, research and information at good value,” he said.
“We shall also seek to enhance our complementary revenue generating services over the coming year. This will include expanding our range of successful multi-manager funds, enhancing our cash strategy, and considering other growth opportunities.”
Looking ahead, the firm added that post-RDR changes to fund pricing means net revenue margin will “trend down as we move through the transition phase of RDR until April 2016 when any renewal commissions still received from fund management groups relating to pre-RDR funds will be passed on fully to clients.”
From this point, barring any other changes, expected net revenue margin earned on funds will be c44bps.
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