9th Jan 2019 09:50
LONDON (Alliance News) - Hargreaves Lansdown PLC is in the midst of a feud with Terry Smith over a decision to exclude him from its new list of top 50 fund managers that the fund supermarket recommends to clients, The Times reported on Wednesday.
Smith, who founded his own firm Fundsmith ten years ago, has accused Hargreaves of making recommendations based on their potential to maximise the FTSE 100-listed wealth management company's own profit, The Times reported.
Smith used to head up interdealer broker Tullett Prebon, having stepped down from the position in 2014. Tullet Prebon is now TP ICAP PLC.
According to the Times, Hargreaves responded that while Smith's performance has been good, he only has a track record of nine years and the fees he charges are higher than other funds. Hargreaves added that its recommendations are based solely on investment performance and fees charged.
https://www.thetimes.co.uk/article/funds-giant-in-bust-up-over-profits-hgvgc3kq9
Shares in Hargreaves were down 0.5% at 1,897.50 pence on Wednesday.
Related Shares:
Hargreaves LansdownTP ICAP