Hargreaves Lansdown, the financial advisory and investment management firm, said assets under administration rose by 6 per cent to £23.6 billion (around $38.4 billion) at 31 March this year from the end of December last year, during which time the UK equity market has been flat.

The value of assets held in the Vantage service, the group's direct‐to‐private investor platform, increased by 6 per cent from £20.9 billion at 31 December 2010 to £22.1 billion at 31 March. This can be attributed to £1.1 billion net new business inflows and positive market impacts, the firm said in a statement.

Operating revenue for the third quarter rose by 36 per cent higher than the corresponding quarter last year.

The discretionary division has seen an increase in revenue of 12 per cent in the third quarter compared to the same period last year. The overall level of funds under management has increased by 13 per cent to £1.48 billion since 31 March 2010.

Revenue from the third party and other services division fell 20 per cent in the third quarter compared to the same period last year.  As previously advised, revenue from third party pensions and investments is expected to continue to gradually decline as more clients chose to transfer their assets onto the Vantage platform, from which Hargreaves Lansdown receives an ongoing income rather than initial commissions.