Hargreaves Lansdown gets H1 client boost to new asset high

LONDON, Feb 3 (Reuters) - British fund firm Hargreaves Lansdown said on Wednesday that first half assets under administration hit a fresh record high, boosted by strong new business inflows in spite of volatile stock markets.

The strong demand from retail investors was driven in large part by changes to pensions and savings rules which came in last year, giving investors more choice about where and how to save for retirement.

Net (LSE: 0LN0.L - news) new business inflows for the six months ended Dec. 31 were 2.77 billion pounds ($3.99 billion), up 23 percent from the first half of 2015, it said in a statement, driving total assets under administration up 7 percent to a record 58.8 billion pounds.

The move came during a volatile period for the financial markets, amid fears around global growth, when the FTSE All Share (LSE: SHRE.L - news) index fell 3.5 percent.

"Against a backdrop of fluctuating stock markets, Hargreaves Lansdown has continued to be the most popular destination for UK retail investors, with excellent new business for the period," Ian Gorham, chief executive, said.

"In particular, the pension freedoms continue to attract huge interest as we prepare for the important tax year-end period." ($1 = 0.6934 pounds) (Reporting by Simon Jessop; editing by Carolyn Cohn)