FTSE 100 stockbroker firm had come under fire from investors whose money is trapped
The boss of stockbrokers Hargreaves Lansdown has apologised after thousands of the FTSE 100 company’s clients found their money trapped in ill-fated funds run by the renowned fund manager Neil Woodford.
Chris Hill, its chief executive, said he shared clients’ disappointment and frustration after the closure of the Woodford equity income fund which prevented investors from cashing out of the ailing investment vehicle.
Neil Woodford was once the UK’s biggest star fund manager, personally managing a £25bn mountain of money on behalf of pension funds and other investors at Invesco Perpetual. When he decided to quit Invesco and go it alone in 2013 it was a huge shock for the fund management industry. Invesco shares slumped by 7% on the day he announced his departure.