Investment platform Hargreaves Lansdown has reported its closing assets under administration fell to £132.3bn at the end of April, from £141.2bn at the end of December last year. 

It said this was due to "adverse market movement through the period driven partly by exposure to global equity markets, particularly US technology stocks, with the Nasdaq down 21%".

Assets in funds dropped by £6.1bn from the end of December to the end of April, while shares fell £4.5bn and HL funds fell £0.6bn.

It also reported net new business of £2.5bn for the four months until the end of April, down from £4.6bn from the previous year. HL said this reflected the moderation of flows seen across the market and highlighted that 2021 figures benefited from improving markets and investor confidence.

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Revenue for the period was £196.5m, down from £233.2m for the 2021 fiscal year, but in line with expectations.

The firm reiterated is guidance for the fiscal year and raised its expected revenue margin on cash to 30-35bps as they "see the impact of base rate rises starting to come through".

Chris Hill (pictured), CEO, said the "challenging backdrop driven by unprecedented macro-economic and geo-political events has impacted markets and investor confidence," adding that HL "saw a significant step up in flows in March and April from our tax year end campaign".

Share prices in the firm plummeted 9.4% on the results, while the FTSE 100 was down 2.3%.