Hargreaves Lansdown to launch new non-advised service

Ian-Gorham-presenting-at-Platforum-conference-2013.jpg

Hargreaves Lansdown is to launch a new non-advised service later this year to allow customers to invest directly in model portfolios.

In its latest trading update, published today, the company reveals plans to launch its HL Portfolio Plus service by the end of June. The portfolios will be will be rebalanced as part of the service.

The move follows the launch of three multi-manager funds earlier this year – the UK Growth, European and Asia and Emerging Markets funds.

The three funds alone have added £410m to funds under management. Total funds under management stands now at £5.8bn.

Hargreaves plans to launch other funds in the second half of 2015.

Overall total assets under administration reached £55.3bn as at 30 April, up up from £45.5bn the previous year.

Net inflows reached £2.75bn in the first four months, compared to £2.55bn last year.

Assets on Vantage, Hargreaves’ D2C platform, went from £42.9bn to £52.4bn.

Hargreaves has also seen its Financial Services Compensation Scheme levy more than double from £2.1m to £4.6m.

Hargreaves chief executive Ian Gorham says: “It is extremely frustrating that shareholders must bear such costs with the current FSCS system placing an unfair burden on reputable and blameless firms.”

Recommended

Peter Hargreaves 700x450
1

Peter Hargreaves steps down from HL board

Peter Hargreaves has stepped down from the board of Hargreaves Lansdown, the firm he co-founded with Stephen Lansdown in 1981, with immediate effect. Hargreaves says he wants to spend more time with his family and pursue other interests but will remain “in close touch” as a major shareholder. He says: “I believe this is the […]

Cash-Money-Currency-GBP-Pounds-700.jpg

Hargreaves switches Sipp trustee to boost cash returns

Hargreaves Lansdown has switched the trustee of its Sipp, allowing it to invest in a broader range of assets and boost returns on savers’ cash investments. According to a letter sent to Sipp customers, Hargreaves Lansdown Asset Management has been appointed Sipp trustee in place of Hargreaves Lansdown Pension Trustees. The firm says this gives […]

Fixed-Income-Portfolio-Coins-Pounds-Growth-700x450.jpg

Fixed income outlook 2018

With much speculation about the challenges faced by bond investors in 2018, RLAM’s Head of Fixed Income, Jonathan Platt offers his outlook for all areas of the fixed income market in our brief video. Watch the video here: Past performance is not a guide to future performance. The value of investments and the income from […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. mmm so I see that nothing has changed it is one rule for one and a totally different rule for the others.

    How come a video online or even a case study linked to an auto sale process is not deemed to be advice, what ever happened to if it seems like advice it is advice.

    If the FCA wants to see the advice gap shortened, it should stop undermining advisers and enforce the advice rules instead of allowing companies like Hargreaves Lansdowne to circumnavigate them with impunity. We have been here before with the lack of regulation on bank advice why are the FCA repeating the same mistakes with companies like Hargreaves Lansdowne. This is an accident waiting to happen there is no such thing as non-advice when it is linked to decision trees and the individual purchasing does not have the necessary knowledge or experience!

    Why should the adviser community be forced to pay FSCS fees to compensate the potential failure of a large execution only providers and is it not time that the regulator started to enforce its own rulebook.

  2. Anthony Morrow 20th May 2015 at 2:58 pm

    @ Peter Herd – the article states they have paid £4.6m to the FSCS this year? That’s a decent contribution by anyone’s reckoning!

    I’m also not sure what is being circumnavigated here? Self-select model portfolios?

    Also, there is no e on Lansdown.

Leave a comment