Hargreaves Lansdown, the UK-listed financial advisory and investment firm, said its total operating revenues from all divisions were £36.1 million ($59.4 million) for the quarter ended 30 September, an increase of 13 per cent from £32 million for the same period of 2008.

On the back of stock market rises, the firm reported a 22 per cent increase in asset values over the quarter, bringing assets under administration to a total of £14.5 billion at 30 September. Assets under administration stood at £11.9 billion at 30 June and £10.3 billion at the end of September 2008, the firm said in its interim management statement.

"The rise in stock markets throughout the world has made a huge impact on the value of assets under our administration. This, together with unusually high inflows during the summer months, has produced a gratifying boost to group income. Although we are impacted by the decline in the margin we make on cash deposits, our primary business of gathering assets together with the rise in stock markets has more than compensated for this loss of income,” said Peter Hargreaves, the firm’s chief executive.

“Whilst we are justifiably proud of the results of our first three months trading period, we are under no illusions that the level of the stock market and investor confidence will still have a significant part to play during the remainder of our financial year."