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Peter Hargreaves: I hope this isn't my 'Bolton moment'

Hargreaves Lansdown co-founder explains why he is backing a new fund firm and admits 'Leave' campaign was less than truthful.

 
Peter Hargreaves: I hope this isn't my 'Bolton moment'
 

Peter Hargreaves has offered fresh insight as to why he is heavily backing an investment boutique launched by a relatively unknown UK fund manager.

In July Citywire revealed the Hargreaves Lansdown founder was named a partner in Blue Whale Capital, which was established by Stephen Yiu.

'I do hope this is not my Anthony Bolton moment,' Hargreaves (pictured) quipped in an interview with The Times, in reference to the star Fidelity fund manager who came out of retirement to launch a China fund, which failed to match his previously hugely successful career in UK equities.

Hargreaves said Blue Whale’s mission is to help 'insular' UK investors raise their exposure to the international markets, in particular the US.

'For as long as I’ve been in this industry, America has done extremely well and UK investors have been phenomenally underweight in the American market,' he said. 

Yiu, who worked at Hargreaves Lansdown as an analyst prior to running money for five years until 2007, served as deputy to Tim Steer at both Artemis and New Star, although he did not got anywhere near the level of publicity as the often outspoken Steer. 

It has since emerged that Hargreaves intends to pump £25 million into the launch of Blue Whale.  

According to documents seen by Wealth Manager, Yiu established Blue Whale Capital LLP in October last year, in which he holds a 75% stake or more. He is said to have approached Hargreaves around one year ago for support. 

Brexit 'porky pies' 

Somerset-based Hargreaves, who will not be involved in the day-to-day running of Blue Whale, also admitted there may have been one or two 'porky pies' told by the Leave campaign during the European referendum. These include the pledge to add £350 million to the NHS's coffers. 

Hargreaves, who poured £3.2 million into the Leave campaign, also indicated he was uncomfortable with some of its rhetoric, describing it as a 'little bit racist' as it targeted fear over immigrants. 

'I think immigration is a good thing. It’s the bureaucrats I don’t like,' he told The Times.

However, while he may have lost a small fortune following the slide in the pound in the aftermath of last June's vote, Hargreaves remains a strong supporter of Brexit. 

'After Brexit, whoosh, we were suddenly the most competitive economy in the world. It has been fantastic,' he said.

'Yes, I’m poorer in world terms, but I’m not poorer in sterling terms.' 

23 comments so far. Why not have your say?

Anonymous 1 needed this 'off the record'

Sep 11, 2017 at 18:11

The Vote Leave campaign, did not pledge £350 million a week to the NHS.

The Vote Leave campaign stated that this was our net contribution to the EU,which could if we wished be spent o the NHS.

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john vandermark

Sep 11, 2017 at 21:49

Well said, Anonymous.

Compared to the propaganda put out by the Government of the day, of whom we had put our trust in, pledging £350 million a week into the NHS was most certainly a breath of fresh air!

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andy

Sep 12, 2017 at 00:47

If "Let's give our NHS the £350 million the EU takes every week" isn't a promise then you guys live in a really weird world of spin and lies.

Just like the lies about Turkey (not true been accepted it wont happen), Bendy Bananas (was never true - it was a grading system and not banning), Bue Passports (UK wasnt forced - Croatia chose to keep its blue passports), unlimited immigration from the EU (UK always had control of this Theresa May didnt do her job properly), ex-pats to the UK being able to claim benefits (if people didnt have jobs then they had to leave if Theresa May had done her job properly), insufficient infrastructure (immigration causes a larger economy - the Tories wasted the tax like they did the oil money) and ex-pats to the UK take our jobs (if that was the case why is uneomployment at a low).

All leave lies - which you all fell for. The truth is that the Tory right has always wanted to be a low skill, low wage economy run by climate change deniers which will drive down food, air and water standards and allow the Tories to finally privatise the NHS. The hard left want BREXIT for the same reason that in the 70s they opposed equality for women - immigration in the short term reduces wages - but in the long term allows for a larger stronger economy which raises wages.

But never mind - dont allow facts to get in the way of the Daily Mail.

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john vandermark

Sep 12, 2017 at 15:03

Hello Andy,

The propaganda put out by the Cameron government of the day, with the help of the governor of the Bank of England pitching in for good measure, was not just sailing close to the wind, it was a government that was unjustifiably instilling fear - and no less!

There was no fear intended in respect to using money saved by coming out of the EU for the NHS, it was merely a means of countering a government of the day on a mission to keep us in the EU at any cost - there may well be more money available for the NHS when we depart the EU.

However, we know now that Cameron's Government has been proved drastically wrong, and that the government has been found out for using lies, because the country is not now suffering due to the vote for coming out of the EU - full stop!

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an elder one

Sep 12, 2017 at 22:10

I suggest that most of us leavers were not concerned in our hearts by economics - which is largely a matter of guesswork, sentiment and trial and error - but of a return to nationhood free of the infantilising EU and its hegemonic intent. This distaste being expressed in many different ways, none being the only cause. Those that argued purely dire economics got it wrong.

Lies, ignorant notions and misunderstandings flew in either direction in a form of Roundhead warfare which the Leavers narrowly won; it's time to put that behind us now and got round to resolving the economics

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john vandermark

Sep 13, 2017 at 16:12

Well said, elder one.

However, I'm afraid, and to quote "in respect to "it's time to put that behind us now and got round to resolving economics" is not going to be that easy.

Remainers will be over the moon for Brexit not to succeed at any cost, irrespective to whatever damage it does to the economics of the UK, and what's more, they have the hierarchy of the EU, and many other established hierarchy in the UK, within that camp.

These group of people that are Remainers, cannot be dismissed that easily, I'm afraid.

For them, the EU is akin to a 'religion', it's a personal insult to them for others to think otherwise ,and thus economics and commonsense is not what they're looking for.

And thereby, the vote for coming out is treated with the most utter contempt, and thus they have considered it to be totally irrelevant .

That, unfortunately, is what our Government is up against, with an attack on two fronts; outraged and insulted Remainers on the one front, and thus a very outraged, insulting and uncooperative EU on the other front.

An unenviable task for our Government to deal with, for sure.

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Raymond Hurley

Sep 13, 2017 at 18:11

I agree with john vandermark,an elder one and Anonymous 1.

You did however John, miss out the the 'Fifth Column' at the BBC,which has become the unofficial propaganda machine of the EU.

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an elder one

Sep 13, 2017 at 19:01

John and all, I'm afraid you are right; where the vanity and pride of the so-called elite (overburdened with self esteem) - Mr Blair is a typical one - are challenged, then hostility can only be overcome by the diligence of numbers, if at all.

It is up to this government to persuade the common populace with clear honest argument of the virtue of brexit for the nation. I'd add; economic arguments - much like the weather - are in the realm of speculation; it's up to industry to make it good.

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john vandermark

Sep 13, 2017 at 21:37

Raymond:

The BBC is bursting at it seems with Remainers, and is so much beyond redemption in respect to being impartial about Brexit - so you are so right!

The BBC should be ashamed of themselves, for they are not impartial, as they should rightly truly be, because TV licence holders are of all shades of politics.

an elder one:

I wholeheartedly agree with you, and we have the vote on our side, and therefore the Government should be in a good position to present Brexit to the Nation, and thus remove the EU's heavy chains of self-serving bureaucracy that holds us back.

In politics there is much by way of old tricks, and with Brexit these old tricks have taken on a master craft of it's own.

Given the surrealism of politics over Brexit, Joe Public that won the vote fair and square may well see that prize well watered down, or taken away from them altogether, merely in order to satisfy fairness to the Remainer Joe Public that lost the vote fair and square.

It truly beggar's belief.

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JohnR

Sep 16, 2017 at 09:51

It certainly does.

The strange twilight zone of the beleavers, all good fortune is claimed, bad disowned or blamed and still we haven't even left anything yet.

What scapegoats await one wonders.

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Donald Chan

Sep 16, 2017 at 10:05

Of course, Brexit brings out the commentators. A lot of detail and feelings portrayed.However, in a financial column, it is outrageous for Hargreaves (albeit a leave proponent) to say there was a pledge to add £350 million to the NHS's coffers. The Leave campaign was in no position to pledge anything. The campaign was about who we wished to be ruled by.

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JohnR

Sep 16, 2017 at 10:35

The revisions and lies won't work, we were all there.

The leave campaign was about exciting prejudices, an extra £350M a week for the NHS, as well as the pervasive jingoistic fantasies, nationalistic fervour and economic pig ignorance. Nothing was offered beyond those fantasies.

Vote to leave and your wildest flag waving dreams will come true, worked a charm, just a shame many of the generation that delivered it won't live to suffer the longer term damage.

There won't be an extra £350M a week to give to anything, much less the NHS. A cliff edge is looming.

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Donald Chan

Sep 16, 2017 at 11:01

Nice to see you back, JohnR, with your fanatical comments.

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an elder one

Sep 16, 2017 at 14:16

Donald, that person is a troll, stirring things up for their own personal fun; they have read little and understood nothing, thus have nothing constructive to say, for, or against the matter at hand. On the other hand, they could just be nuts.

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john vandermark

Sep 16, 2017 at 17:14

Has anyone read Boris Johnson's article in the Telegraph this morning? It's an excellent article and well worth a read.

JohnR:

The bottom line is (God willing, and not to tempt fate) we are pulling away from a dysfunctional, flawed, self-serving, fat pensions, gravy train, which is the European Union.

The EU is a political union and nothing more, and coming out of that political union doesn't mean that we're not proud Europeans, given that the UK is a European country - and rightly and proudly so!

Respectfully though, I can't help thinking: Britain and its Empire fought two world wars against Germany in order that they didn't take over Europe, and now we have a German dominated EU, and thus Europe - albeit, Germany is now a fine country ... it's certainly a funny old world.

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richard tomkin

Sep 16, 2017 at 17:32

I thought this story was about the launch of Blue Whale Capital,assisted by Peter Hargreaves.Instead we get the whole thing monopolised by the swivel-eyed pro and con EU brigade,Give us a break,please,and grow up.

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andy

Sep 16, 2017 at 18:03

I'll make this simple - BREXITERs have stripped me first of my citizenship and my vote - and now my job as it has been transferred to Europe. I am trying not to hate every single one of you - but I am failing.

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Donald Chan

Sep 16, 2017 at 18:13

Andy, I think you need some help...

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andy

Sep 16, 2017 at 18:22

You're right - are you offering any of it though?

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Donald Chan

Sep 16, 2017 at 18:56

Andy, there are lots of psychological experts available these days.

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john vandermark

Sep 16, 2017 at 20:01

Richard tomkin:

Blue Whale Capital has truly been fully covered by Peter Hargreaves article above, and very informative too! It's just been launched, so I really can't see what more can be said about it in any further comments here.

Having read the article above, I intend to contact Hargreaves Lansdown, not for more information, but to invest some money.

I suggest that if you require more professional comment, you contact Hargreaves Lansdown, rather than searching here.

Peter Hargreaves made much about Brexit in his article above, and hence the comments that followed on from that - that's all.

No need to take offence, old friend.

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richard tomkin

Sep 16, 2017 at 20:15

Point taken,but it is still depressing to see these columns colonised by the imbeciles on either side of the brexit thing.

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Donald Chan

Sep 16, 2017 at 21:09

"Fund supermarket Hargreaves Lansdown has broken UK company law on dividend payments to shareholders, who include founders Peter Hargreaves and Stephen Lansdown." FT

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