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Hargreaves Lansdown boss to defer bonus until Woodford problems are sorted

FTSE 100-listed Hargreaves has been one of Woodford's keenest supporters

Neil Woodford
Hargreaves relationship with Woodford is under close scrutiny

Hargreaves Lansdown PLC (LON:HL.) boss Chris Hill is said to have waived a £2.1mln bonus until the Woodford Equity Income fund is unfrozen.

The new follows another tough few days for the wealth manager after it emerged it had doubts about the Woodford fund two years ago but continued to recommend it to investors.

Hargreaves’ own multi-manager funds also sold down their stakes four times during the period from 2017 until now.

Neil Woodford's Equity Income fund was frozen earlier this month after concerns about its unlisted investments and poor stock picks led to a wave of redemptions.

FTSE 100-listed Hargreaves has been one of Woodford's keenest supporters and only removed the Equity Income fund from its Top 50 selections once redemptions were halted earlier this month.

Since then, Hargreaves has dropped platform fees on the fund while Hill apologised last week to investors stuck with their investment.

The wealth manager has now dropped another of Woodford's funds, Income Focus, from one of its multi-manager funds.

Nicky Morgan, the chair of the Treasury committee, has written to Hill asking for details on its links to Woodford, how much in fees it received and how many people invested in the fund through its platform.

Shares in Hargreaves Lansdown have shed more than a fifth of their value since the middle of May, though they rallied 1%  today to 1,888p.

Quick facts: Hargreaves Lansdown PLC

Price: 1815.5 GBX

Market: LSE
Market Cap: £8.61 billion

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