# UK’s Hargreaves Lansdown CEO Hill to step down Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-10-17 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Hargreaves Lansdown CEO to Step Down After Five Years - Meta Description: Chris Hill, CEO of Hargreaves Lansdown, resigns after over five years. Assets under administration drop to £122.7 billion. URL: https://financedigest.com/uks-hargreaves-lansdown-ceo-hill-to-step-downhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-10-17t070606z1lynxmpei9g07yrtroptp4hargreaves-results-1736815011451-compressed.jpg) By Sinchita Mitra (Reuters) -Hargreaves Lansdown said on Monday its Chief Executive Officer Chris Hill would step down after more than five years in the role. The British investment platform and digital wealth manager also issued a trading update two days ahead of schedule and reported assets under administration of 122.7 billion pounds ($138.41 billion) as at Sept. 30, down from 123.8 [billion pounds](https://www.financedigest.com/shell-to-evaluate-25-billion-pound-british-investments-after-windfall-tax.html "Shell to ‘evaluate’ 25 billion pound British investments after windfall tax") at the end of June. Hargreaves and other [wealth managers](https://www.financedigest.com/analysis-credit-suisse-collapse-threatens-switzerlands-wealth-management-crown.html "Analysis-Credit Suisse collapse threatens Switzerland’s wealth management crown") saw their assets under management rise after the COVID-19 pandemic took hold as lockdown savings and low interest rates drove up inflows, but are now witnessing a drop in assets on growth concerns due to the conflict between Russia and Ukraine. Hill, 51, would be available until his successor was appointed and to [allow time](https://www.financedigest.com/allowing-yourself-time-to-grow-as-a-leader-consciously-will-enable-you-to-support-your-team-authentically.html "Allowing yourself time to grow as a leader, consciously, will enable you to support your team authentically") for a handover up to November 2023, Hargreaves said in a statement. The departure of the CEO will [raise questions on whether](https://www.financedigest.com/graphic-chip-price-drop-raises-questions-on-whether-end-of-shortage-is-in-sight.html "Graphic chip price drop raises questions on whether end of shortage is in sight") a new CEO might decide to lower Hargreaves Lansdown fees, which would make it regain competitiveness, but with short-term substantial headwinds to revenues,” said analysts at JP Morgan. Shares in the company, which have lost more than 54% since Hill took the helm, were down 4.2% by 0839 GMT. Hargreaves has also been hit this week by a multi-million pound [lawsuit as 3,200 investors](https://www.financedigest.com/wave-of-lawsuits-over-ftx-expected-but-investors-will-face-legal-hurdles.html "‘Wave’ of lawsuits over FTX expected, but investors will face legal hurdles") filed claims against the London blue-chip company over the failure of veteran investor Neil Woodford’s flagship fund, which was available on the Hargreaves platform. The company on Monday reported a slowdown in its net new [clients number and net new business](https://www.financedigest.com/exit-bee-hires-neil-stewart-as-business-development-director-as-its-client-roster-grows.html "Exit Bee hires Neil Stewart as Business Development Director as its client roster grows") for its first trading quarter. New business dropped to 700 [million pounds](https://www.financedigest.com/incentive-qas-expands-retail-portfolio-with-million-pound-shopping-centre-contract.html "Incentive QAS Expands Retail Portfolio With Million Pound Shopping Centre Contract") versus 1.3 billion pounds a year ago. But total revenue rose 15% in the period thanks to higher [interest rates](https://www.financedigest.com/ecb-raises-interest-rates-again-cuts-bank-subsidies.html "ECB raises interest rates again, cuts bank subsidies"). Hargreaves also [raised its full-year revenue margin outlook](https://www.financedigest.com/tomtom-raises-2023-revenue-outlook-as-automotive-drives-q4-beat.html "TomTom raises 2023 revenue outlook as automotive drives Q4 beat") to 49-52 basis points from 44-47 bps. Although flows into risk-based investments remain subdued, both client and asset retention rates remain strong and in line with [last year,”](https://www.financedigest.com/uk-new-car-sales-rise-in-january-full-year-sales-to-top-last-year-smmt.html "UK new car sales rise in January, full-year sales to top last year – SMMT") Hill said in a statement. (Reporting by Sinchita Mitra in Bengaluru; Editing by Dhanya Ann Thoppil, Carolyn Cohn and Alex Richardson) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---