Home Business News Hargreaves call on Woodford to drop fees on suspended fund

Hargreaves call on Woodford to drop fees on suspended fund

by LLB Reporter

Chris Hill the chief executive of Hargreaves Lansdown has called on Neil Woodford to drop his fees on the frozen Woodford fund.

Hill said unveiling the full-year results that his company shares client “disappointment and frustration” over the continued saga.

Hill said, “I am determined that we learn from events such as these.

“I have apologised to all clients who have been impacted by the recent problems because we all share their disappointment and frustration.

“In these difficult times we recognise the financial and personal impact the gating of the fund has had on them.

“Philip (Johnson) and I, together with the unanimous support of the board, have therefore decided that we will not take a bonus award for 2019.”

Lansdown reported in the year to 30 June a 5% rise in pre-tax profits to £305.8m while total assets under administration grew 8% to £99.3bn.

However, net business inflows dropped 4% to £7.3bn due to Brexit uncertainty and investor confidence.

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