Hargreaves Lansdown has removed the Elite Bloxham global equity income fund from its Wealth 150 list owing to “uncertainty” surrounding former owner Bloxham.
Bloxham Stockbrokers, the asset manager’s parent company, has been ordered to stop trading by the Central Bank of Ireland after alleged financial irregularities came to light.
The Bloxham Asset Management business has been sold to rival wealth manager and stockbroker Davy with immediate effect. The terms of the deal were not disclosed.
Bloxham confirms that no client funds are involved in the alleged irregularities. The assets of the Elite Bloxham global equity income fund are held by a separate trustee.
Hargreaves Lansdown senior analyst Meera Patel says: “However, given the uncertainty this development brings, we have removed the fund from the Wealth 150 list of our favourite funds in each sector.
“We believe these revelations will inevitably prove a short-term distraction for the fund manager, Pramit Ghose, who was a managing partner at Bloxham.”