Cutting Cru
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Some people will remember that we were the subject of extreme acrimony from Jon Maguire because we refused to sell Cru funds.
People are asking me am I gloating because I was proved correct? I must say that the performance of the Cru funds had no ring to it to me.
ow could unquoted investments be worth more when stockmarkets were in freefall? One can trot out any valuation on unquoted but I thought there was no realism to the pricing. I am not gloating. It saddens me in the extreme. Every incident of this nature reduces the reputation of our industry.
I question all the IFAs that fell for the regular solid and consistent performance. They should consider whether they have a future in this industry.
Peter Hargreaves
Chief executive
Hargreaves Lansdown, Bristol
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Readers' comments (2)
Anonymous | 25 Jan 2010 4:51 pm
I wonder if Peter's resistance to Cru was more a case of Jon not giving HL enough 'sweeteners' rather than a legitimate case of an opinion based on his research department.
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Anonymous | 25 Jan 2010 7:41 pm
glass houses, it funny that Hargreaves sells the Midas fund range, some of these have private equity within them and the same ACD in capita who have obviously failed in their duties, maybe he should spend his time looking at the funds he sells and the ACD who's role is to protect the investors.
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