UPDATE 1-UK's Hargreaves Lansdown reports higher assets in March quarter

(Adds background on sector, details on quarter performance from statement)

May 4 (Reuters) - British investment platform Hargreaves Lansdown Plc on Thursday reported a jump in its assets under administration (AUA) for a three-month period, supported by an increase in its net new business on the back of a revival in investor sentiment.

Fund managers who had to battle a tough market in 2022, with investors looking to hold on to their cash amid recessionary fears and volatile stock markets, are now seeing a revival in investor sentiment as the global economic market stablises.

"Macroeconomic uncertainty continues, but the improved activity demonstrates that as confidence returns," CEO Chris Hill said in a statement.

The London-listed company reported net new business of 1.6 billion pounds ($2.01 billion) for the three-month period ended March 31, and AUA of 132 billion pounds, compared with 127.1 billion pounds seen at December-end.

($1 = 0.7942 pounds)

(Reporting by Sinchita Mitra and Radhika Anilkumar in Bengaluru; Editing by Sherry Jacob-Phillips)