Investors withdrew more than £500m from the six Hargreaves Lansdown (HL) multi-manager funds that are trapped in the LF Equity Income fund in the final seven months of 2019, as the funds all underperformed their sector averages, data shows.
Morningstar estimates redemptions from HL's ten-strong multi-manager range between June and December totalled £594m, with £508m of those outflows coming out of the six with exposure to Neil Woodford's former fund. The two largest of those mandates - the £2.8bn HL Multi-Manager Income & Growth fund and the £1.8bn HL Multi-Manager Special Situations fund - have bled the most, with outflows of £277m and £110m respectively. Unsold Woodford assets spark questions from investors' lawyers - reports These two funds hold positions in LF Equity Income of 10.9% and 4.1% respectively. The o...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
