Hargreaves Lansdown is handing over management of 10 funds to Investec Fund Managers in a move the IFA says will allow it to concentrate on its multi-manager products.
Investec will take over the funds, which collectively represent around £100m under management, this week. HL says it has chosen the fund manager because of its performance, which has led S&P to award ratings to nine of its 14 retail funds.
HL managing director Peter Hargreaves says: “We are extremely pleased that we can entrust our other investment funds in which our clients have placed money to the excellent fund management capability of Investec.”
Investec joint managing director Andy Sowerby says: “Consolidation is inevitable in our industry and we have positioned ourselves to take advantage of opportunities such as these.”