Hargreaves Lansdown will not be carrying out bulk switches of client money from bundled to clean or super clean share classes, Investment Week can reveal.
Ian Gorham, chief executive of the D2C giant, which has almost £40bn of AUM, said the platform will not follow in the footsteps of some competitors which have opted to convert all clients to clean share classes. Instead, he said clients will need to elect to switch out of bundled and into clean share classes. "Clients will have the option to convert if they want, but we will not make that decision for them," Gorham said. "We have not opted to bulk switch because we are an execution-only business, and therefore it is not up to us to make decisions on where clients should be invested...
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