Hargreaves Lansdown says Brexit hitting investor confidence

Financial services firm Hargreaves Lansdown (HL) said assets under administration rose 9% to £60.3bn in the four months to April 30, despite a quarter of investors saying uncertainty over Britain's EU membership was “reducing their propensity to invest”.

Net inflows were down to £2.30bn from £2.75 billion in the same period last year, with cumulative total net inflows of £5.07bn in the ten months to April 30 compared with £5.00bn year on year.

Despite the “Brexit” uncertainty, total active clients rose 15% year on year to 822,000.

Chief executive Ian Gorham said the company had seen “strong new business and client growth for the period notwithstanding a challenging ISA season for the industry in the context of volatile market conditions, low investor confidence and 25% of investors quoting current uncertainty over EU membership as reducing their propensity to invest".

Gorham was citing a survey conducted by HL. The UK will vote to remain in or leave the EU in a referendum on June 23.