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The HL Business

Hargreaves Lansdown is a leading provider of investment management products and services to private investors in the UK.

Founded in 1981 by Peter Hargreaves and Stephen Lansdown, Hargreaves Lansdown has established a reputation for providing high quality service and value-for-money products to private investors, whether they are making their own investment decisions or looking for an advisory or discretionary service. The Group has over 350,000 active clients.

The Group's flagship service, Vantage, is a direct-to-private investor fund supermarket and wrap platform. Vantage offers clients the administrative convenience of being able to hold and manage their investments, including unit trusts, OEICs, equities, bonds, investment trusts and cash, irrespective of the tax vehicle, in one place with consolidated valuation reports, a single dealing service and instant online access.

As at 31 December 2007, Vantage administered £9.8 billion of assets directly on behalf of private investors. By this measure, the Directors believe that Vantage is the largest fund supermarket and wrap platform for the private investor in the UK.

In addition to offering externally managed investment products, Hargreaves Lansdown manages £1.4 billion of funds through its own range of multi-manager funds and PMS, the Group's discretionary portfolio management service, of which some £500 million is held within Vantage.

In total, including over £200 million administered through other nominee services of the Group, Hargreaves Lansdown has approximately £10.9 billion of assets under administration or management on behalf of private investors.

The Group also provides independent financial advisory and stockbroking services to private investors and advisory services to companies in respect of group pension schemes.

In the year ended 30 June 2007, the Group achieved an Operating Profit Margin of 41%. The Group is based in Bristol and as at 31 December 2007 had 644 employees. Certain of the Group's subsidiaries are authorised and regulated in the UK by the FSA.