Train to 'wait and see' on HL holding after 'regrettable' 2019

Under pressure from regulators

Co-founder of Lindsell Train Nick Train will “wait and see” whether Hargreaves Lansdown (HL) is able to overcome pressures faced in relation to its link to the now-closed Woodford Equity Income fund before making a decision about the firm’s place in his portfolios.

HL continued to promote Woodford's fund via its best buy list even after months of underperformance and investors in the firm's multi-asset portfolios are still lumbered with large exposure to the fund, which is now being wound up. As a result, HL is under pressure from regulators, short-sellers and Woodford Investment Management investors looking for compensation for losses accrued as a result of WEIF's closure. HL's share price has suffered since the summer gating of WEIF, falling 11.6% from the end of July to 31 October. Speaking at an Association of Investment Companies (AIC) e...