Shares in the investment supermarket Hargreaves Lansdown have slid by 12% after a fund it promoted run by star manager Neil Woodford froze redemptions. CGAThompson said to keep clients, Hargreaves may need to sacrifice its high fees:
Hargreaves Lansdown, the UK-based fund provider, said on June 5 it will waive its platform fee for clients trapped inside a suspended fund it had heavily promoted.
On June 3 the flagship equity fund run by investor Neil Woodford suspended redemptions after heavy client outflows. Hargreaves, an early backer of Woodford, called on the fund manager to also waive his management fees while dealing was frozen. Separately, on June 5 Britain's top financial markets regulator, the Financial Conduct Authority, said it was monitoring the situation at the gated fund and will get involved if necessary.
Hargreaves’ shares have declined by 12% since June 3, when Woodford’s fund was suspended. The shares on June 6 were down 1.49% to 19.51 pounds at 0826 GMT.
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