View the article online at http://citywire.co.uk/new-model-adviser/article/a675897
Hargreaves demands managers' best price for new 30 fund core list
by Jun Merrett on Apr 25, 2013 at 13:53
Hargreaves Lansdown is looking into creating a core list of 30 funds within its Wealth 150 made up of funds which offer the platform their best price.
The company has written to fund managers about being included on the list.
The Bristol-based discount broker’s Wealth 150 recommended fund list currently lists 105 funds as the numbers have decreased due to poor performance and soft-closures.
The company will select fund groups to go into the core list based on a combination of performance and price, including whether they offer a super clean share class to the platform.
Ian Gorham (pictured), chief executive of Hargreaves Lansdown, said he had written to fund groups asking them to give the company their best offers.
‘We are looking into having a core list within the Wealth 150 rather than deleting a lot of funds of it. The reason we have the 150 is we need to try and cover all the sectors that investors invest in.
‘I have written to everyone asking them to put their best foot forwards.
‘We would take into account the performance potential of the investment but also the charges. The lower the charges are the more of a heads start potentially people have got but performance is very important. Something that is high performing but expensive may still be OK and beat its rival that is less expensive.’
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