Hargreaves Lansdown founder Peter Hargreaves has backed a new fund firm which has been set up by Stephen Yiu, who made his name as Tim Steer’s co-manager at both Artemis and New Star.
New Model Adviser® sister title Wealth Manager revealed the news this morning.
Yiu also worked at Hargreaves Lansdown as an analyst prior to running money, which is likely where the pair met.
According to documents seen by Wealth Manager, Stephen Yiu has established a company called Blue Whale Capital LLP in October last year, in which he holds a 75% or more stake.
Peter Hargreaves (pictured), who stepped down from the Hargreaves Lansdown board in April 2015, became a member of the partnership in February this year, roughly the same time as the firm received authorisation from the Financial Conduct Authority (FCA).
According to the FCA register, Robert Lloyd, a former employee of Stockholm-based hedge fund manager Brummer & Partner, is also a member of Blue Whale.
Wealth Manager managed to track down Yiu in Italy where he was holidaying. He was reluctant to disclose too much detail about the firm at this stage, referring Wealth Manager to his colleague Robert Hargreaves.
Robert, who is believed to be Peter's son and also had a spell working for HL, would only confirm that Blue Whale plans to launch a fund. It is understood that it is set go live in the third quarter and will be based on Yiu's expertise in UK equities.
Peter Hargreaves could not be reached for comment.
Read the full story on Wealth Manager here.