The fallout from the suspension of the LF Woodford Equity Income fund has not only had far-reaching consequences for the Woodford Investment Management business, but also for the fund manager's backers; namely Hargreaves Lansdown.
Since the news broke that Woodford - in conjunction with ACD Link Fund Solutions - had decided to suspend trading on the flagship fund on 3 June following increased levels of redemptions, much of the blame has been laid at the door of the platform giant. Hargreaves Lansdown has been described as a "heavy backer" of Woodford with reports indicating Hargreaves' customers account for about £2bn of Woodford's £10bn under management (Financial Times, 11 June). The group's HL Multi-Manager range has a total of 6.2% invested in the Equity Income fund ranging from 2.6% to 12.4% weightings in ...
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