View the article online at http://citywire.co.uk/money/article/a882676
Richard Hunter quits Hargreaves as Gardhouse promoted
Hargreaves Lansdown head of equities Richard Hunter and analyst Keith Bowman leave the firm as fund manager Lee Gardhouse made chief investment officer.
Hargreaves Lansdown head of equities Richard Hunter (pictured) has left the firm alongside analyst Keith Bowman.
The pair, who were both active market commentators in the national press, left after the investment broker and fund supermarket closed its London office.
News of their departure came as Hargreaves appointed fund manager Lee Gardhouse (pictured below) to a new role of chief investment officer.
A spokesman for the company said it wanted to have someone focused on the role as it expanded its fund range.
Citywire AA-rated Gardhouse has been responsible for running Hargreaves multi-manager funds since 2001, alongside the portfolio management service, having joined as a trainee fund manager in 1995.
It recently launched a Strategic Assets equity and bond fund, its ninth fund in the range which invests in other funds.
The firm declined to comment on whether shutting the London office was part of a wider cost-cutting initiative. Earlier this month, Hargreaves announced a 6% rise in half-year pre-tax profits to £108.1 million on revenues 10% higher at £158.8 million.
‘Following a review of our PR operations, we have decided to centralise all our PR activities in Bristol,’ said Danny Cox, Hargreaves’ head of communications.
‘As a result, Richard Hunter and Keith Bowman have left Hargreaves Lansdown. We would like to extend our thanks to them for their hard work and commitment to growing our stockbroking business and wish them well in the future.’
Hunter and Bowman’s responsibilities will be split between senior analyst Laith Khalaf and Steve Clayton, head of equity research.
Hunter has nearly 33 years’ experience in investment. Before joining Hargreaves in 2004, he ran Fyshe Horton Finney’s London office, and he was also previously an executive director at Natwest Stockbrokers.
Bowman began his financial services career in 1986 and joined Hargreaves Lansdown in 2005.
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by Gavin Lumsden on Oct 21, 2016 at 17:18