Baillie Gifford's Mileva: Hargreaves Lansdown needs to 'grow up'

Investor urges fund group to be more cautious on promoting funds

Hargreaves Lansdown (HL) needs to "grow up" and "be more mature" with processes around compiling its Wealth 50 list of best-buy investments, according to its investor Baillie Gifford's Milena Mileva.

HL has come under fire for its recommendation of Neil Woodford's eponymous equity income fund, which was suspended in June after a liquidity crisis before its administrator said it would now be wound up. The UK's largest retail investment supermarket was criticised for advertising the fund to its numerous investors, even as its performance worsened, causing the regulatory spotlight - and an uncertain future - to shine on platform best-buy lists. HL is the largest holding in Mileva's £270m Baillie Gifford UK Growth Trust, at 4.4%, while the trust has 1% in competitor AJ Bell, which run...