British billionaires Peter Hargreaves and Stephen Lansdown will pocket a $100 million dividend payday—despite thousands of investors having their life savings locked in a fund heavily promoted by the Bristol-based stockbroker by DavidGDawkins
will pocket a near $100 million dividend payday despite thousands of investors having their life savings locked in a fund heavily promoted by the Bristol-based stockbroker.
Hargreaves Lansdown dropped both the Woodford Equity Income and Woodford Income Focus funds from its Wealth 50 in June this year following its suspension. The group had announced on August 8 it would waive its fees for clients invested in the Woodford funds at the cost of around $435,000 a month. While Hargreaves Lansdown executives have promised to take no bonuses following criticism of the company’s handling of the Woodford incident, the Bristol-based business announced profits were up 5% to $369.41 million in the year to June 30 2019
However, acknowledging the “recent problems” around the Woodford Equity Income Fund, Hill says that he has apologized to clients, and shares their “disappointment and frustration.”
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