UK's Hargreaves Lansdown CEO Hill to step down - Reuters

Oct 17 (Reuters) - Hargreaves Lansdown (HRGV.L) said connected Monday its Chief Executive Officer Chris Hill would measurement down aft much than 5 years successful the role.

The British concern level and integer wealthiness manager besides issued a trading update 2 days up of docket and reported assets nether medication of 122.7 cardinal pounds ($138.41 billion) arsenic astatine Sept. 30, down from 123.8 cardinal pounds astatine the extremity of June.

Hargreaves and different wealthiness managers saw their assets nether absorption emergence aft the COVID-19 pandemic took clasp arsenic lockdown savings and debased involvement rates drove up inflows, but are present witnessing a driblet successful assets connected maturation concerns owed to the struggle betwixt Russia and Ukraine.

Hill, 51, would beryllium disposable until his successor was appointed and to let clip for a handover up to November 2023, Hargreaves said successful a statement.

"The departure of the CEO volition rise questions connected whether a caller CEO mightiness determine to little Hargreaves Lansdown fees, which would marque it regain competitiveness, but with short-term important headwinds to revenues," said analysts astatine JP Morgan.

Shares successful the company, which person mislaid much than 54% since Hill took the helm, were down 4.2% by 0839 GMT.

Hargreaves has besides been deed this week by a multi-million lb lawsuit arsenic 3,200 investors filed claims against the London blue-chip institution implicit the nonaccomplishment of seasoned capitalist Neil Woodford's flagship fund, which was disposable connected the Hargreaves platform.

The institution connected Monday reported a slowdown successful its nett caller clients fig and nett caller concern for its archetypal trading quarter. New concern dropped to 700 cardinal pounds versus 1.3 cardinal pounds a twelvemonth ago.

But full gross roseate 15% successful the play acknowledgment to higher involvement rates.

Hargreaves besides raised its full-year gross borderline outlook to 49-52 ground points from 44-47 bps.

"Although flows into risk-based investments stay subdued, some lawsuit and plus retention rates stay beardown and successful enactment with past year," Hill said successful a statement.

Reporting by Sinchita Mitra successful Bengaluru; Editing by Dhanya Ann Thoppil, Carolyn Cohn and Alex Richardson

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