ISAs up at Hargreaves Lansdown

Sales of Hargreaves Lansdown's independent savings accounts (Isas) have increased despite the prevailing economic conditions.

Figures from the Bristol-based investment manager show that the volume of Isas sold grew by two per cent in the year to April to hit £430 million.

Meanwhile, investments in self invested personal pension schemes (Sipps) were also up, rising by 53 per cent to £1.16 billion.

Chief executive Peter Hargreaves said: "It is pleasing to report that despite the market creating poor trading conditions for the tax year ended 5th April 2008, we have taken more into our Isa and our Sipp than in the previous year.

"The full benefit of assets gathered this year will be reflected in the 2009 financial year, in the form of a full year of revenue."

He added: "Our results continue to demonstrate the resilience of the Hargreaves Lansdown business model."

The firm, which listed on the stock exchange in May last year, is expected to return a full-year profit of £57 million.

Source: LondonStockExchange