Baillie Gifford UK Growth trust exits Hargreaves Lansdown over 'management missteps'

'Disappointed by the performance'

Baillie Gifford’s UK Growth trust has exited its longstanding position in Hargreaves Lansdown after growing tired of the investment platform’s returns in recent years.

In the trust's half year report published today (29 November), managers Iain McCombie and Milena Mileva said: "We have been disappointed by the performance of this leading savings platform business in recent years, as a number of management missteps have ultimately led to disappointing inflows into their platform in comparison to the other platform businesses owned in the portfolio such as Integrafin and notably AJ Bell."  Despite some optimism about the company's CEO, Dan Olley, who joined in August 2023, the Baillie Gifford trust managers argued the issues highlighted "would take time ...