LONDON, Sept 7 British fund supermarket
Hargreaves Lansdown said on Wednesday its Chief
Executive Ian Gorham would step down in September 2017, as it
posted a 10 percent rise in full-year pretax profits.
The firm, which helps retail clients select funds from a
range of investments, said pretax profit in the year to end-June
was 218.9 million pounds, beating a mean consensus forecast of
216.9 million pounds, Thomson Reuters data showed.
Gorham, who has led the company for six years, will be
replaced by Chris Hill, who currently serves as group chief
The growth was helped by revenue from new and existing
assets and clients, increased net interest income,
strong flows into its new funds and gains from client equity
trading, Hargreaves said.
As a result, the firm said it would pay a total dividend of
34 pence a share, up 3 percent from 2015.
The firm said assets under administration rose 12 percent in
the period to 61.7 billion pounds, with the number of active
clients up by 100,000 to 836,000 and net new business at 6
billion pounds, in line with the prior year's 6.1 billion.
(Reporting by Simon Jessop, editing by Sinead Cruise)