Hargreaves Lansdown to Oeic £68m of unit trusts

Hargreaves Lansdown is to convert four of its five unit trusts into an Oeic with effect from 30 May....

Hargreaves Lansdown is to convert four of its five unit trusts into an Oeic with effect from 30 May. The IFA firm, better known for its direct marketing operations than its fund management activities, is to convert the £10m HL Warrant Portfolio Fund, the £31m HL UK Performance Trust, the £20m HL Investment Trust Portfolio Trust, and the £7m HL Optimum Income and Growth Trust. It is not Oeicing its externally run HL Utilities Fund for the time being, but investment manager Ben Yearsley said this was likely to follow. He said the funds will cease trading as unit trusts on 25 May, however, t...