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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.

Richard Hunter quits Hargreaves as Gardhouse promoted

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.

7 comments so far. Why not have your say?

Bob saxton

Feb 18, 2016 at 17:08

I miss Richard's Daily Market Updates.

Bob the electrician.

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john brace

Feb 18, 2016 at 17:31

Will be interesting to see where they go.

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andrew compton

Feb 19, 2016 at 01:46

"The firm declined to comment on whether shutting the London office was part of a wider cost-cutting initiative."

I can confirm that there is indeed a massive cost-cutting exercise happening inside the company right now. The COO was sacked after 6 months, a group of long-serving middle-management have been made redundant, not to mention all the other senior figures who seem to vanish overnight. There has been something of a brain-drain from this company for a while now.

And despite the recent fall in profits, director bonuses are increasing. These bonuses are tied to the share price so the share price must go up, at any cost.

Plans for expansion have been scrapped and the cancelled Lloyds floatation will impact new client numbers as well.

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Bryan Jefferson

Feb 21, 2016 at 18:33

Recently Hargreaves have been promoting their multi-manager funds more heavily than previously - not a move designed to impress street-wise investors. But very good for HL's bottom line, their shareholders and directors!

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Apr 28, 2016 at 11:02

"Bunter" as he is affectionately known is a good egg. HL seem to have cast him aside which is sad.

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colin crome

Sep 04, 2017 at 09:20

Delighted to see Richard Hunter on BBC money programme this morning, he seems to appear rarely nowadays. His opinions are always of the highest calibre and the current world situation with North Korea, Brexit etc. invite Richard's input.

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Michael Whitehouse

Mar 10, 2018 at 10:06

A bit worrying re all the changes since the founders, who built the business to its pre-eminent position, retired and we have now had two "professional" CEOs in their place. I am a shareholder and hold substantial investments through six portfolios which I run for the family and frankly have noticed a deterioration in the service provided. Whilst HL shares have been a great investment and I did regard HL as the BEST company I have ever used for ANY service, I feel it has lost its something in recent years. Cost control is important but so is service and adjusting the business focus as the world changes.However, I fear that current management appear more interested in themselves than their customers. HL offer a premium priced service and this must be matched by a quality service if I am to stay with them. I also think they are a bit too close and loyal to one or two fund managers who have delivered abysmal performance for the last couple of years - one in particular who launched his own fund company. I am monitoring the situation and might have to move my portfolios. HL are increasingly sales and not service driven.

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