In its latest trading statement for the four months ending in April the company said new business was £2.9bn - down about £400m on the same time last year - with some signs of recent slowing as investors become more cautious.

Year to date net new business was £5.4 billion and Assets under Administration were £97.8 billion as at 30 April thanks in part to positive stock market contribution of £9bn.

Year-to-date total net revenue was £395.9 million, up 8% and so far in the current financial year to date 97,000 new clients have been signed up.

The company say that the period started slowly but built momentum, particularly during the tax year-end.

New business was driven by organic new clients, ongoing wealth consolidation onto its platform from existing clients plus flows into its cash management service.

The rebranded Wealth 50 list of funds, the HL Select Global Growth fund launch and the introduction of an "Easy Access" account in Active Savings all helped to attract new clients and inflows, said the firm.

Chief executive Chris Hill said: “We are pleased with the strong tax year end, delivering net new business of £2.9 billion and welcoming another 53,000 net new clients despite the market backdrop.

“It is also pleasing to see the benefit of our investment coming through with  Active Savings continuing to gather momentum and the announced transfers of clients and assets from Witan Investment Services, JP Morgan and Baillie Gifford.”

HL assets under administration and net new business