Hargreaves Lansdown is to transfer more than £400m of multi-manager assets from Mark Barnett's Invesco Perpetual income funds to Neil Woodford's new UK equity income offering.
The D2C platform giant's multi-manager range had £430m invested in both the Invesco Perpetual Income and High Income portfolios as of 31 March, with the majority in the HL Income & Growth Trust, run by Lee Gardhouse. Over £300m is invested in the two Invesco funds via the HL Income & Growth trust - itself a £1.86bn portfolio - with a further £44m in the HL Balanced Managed trust, £57.5m in the HL Special Situations trust, and £12m in the HL Equity & Bond trust. Hargreaves' multi-manager range will transfer the money when Woodford's income fund opens for business next month. Hargrea...
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