Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Giles Hargreave steps down as CEO to focus on funds

Giles Hargreave steps down as CEO to focus on funds

Giles Hargreave is stepping down as chief executive of Hargreave Hale to focus on running money.

Hargreave (pictured) will remain chairman of the company but the day-to-day management of the business will be taken over by Stuart Brookes and Lee Finlayson, who have been named joint managing directors.

Brookes, who joined Hargreave Hale in 1994, was previously finance and operations director, while Finlayson, who has been at the company since 1991, headed its London office.

‘The firm has got a lot bigger over the years and we now employ 180 people,’ Hargreave said. ‘We have expanded across our unit trust, private client and advisory businesses, and we have our own back office, settling our own trades.

‘It is a demanding job for a chief executive and it seemed sensible for me to spread the load and devote my time to running the unit trusts and the money of some private clients I introduced to the firm.’

Brookes and Finlayson were already members of Hargreave Hale’s executive committee, which Hargreave does not sit on but will continue to oversee in his role as chairman.

The company has £4.2 billion in assets under management, of which £2.5 billion is held in the seven unit trusts it runs through its tie-up with Marlborough Fund Managers.

Hargreave manages the Marlborough Special Situations, UK Micro Cap Growth and Nano Cap Growth funds and is co-manager of the Multi Cap Income fund.

Despite being 65, he said he aims to continue running money ‘for a while’, adding that ‘experience is a great asset’.

The flagship £821.9 million Special Situations fund has been a consistent outperformer and has returned 177.6% over five years, compared with the UK Smaller Companies sector average of 137.2%. The group’s £981.4 million Multi Cap Income fund is sitting at the top of its sector, having just passed its third anniversary, returning 67.1% versus the peer group’s 37.2%.  

Despite growing in size, Hargreave said he did not foresee capacity issues with either fund.

‘Multi Cap Income is just short of £1 billion but it is invested across the market cap spectrum,’ he said. ‘The next biggest, Special Situations, is invested 60% in small caps and 40% in mid caps. It holds over 200 stocks and there are plenty of these we have the capacity to increase our stake in.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Related Fund Managers

Giles Hargreave
Giles Hargreave
15/46 in Equity - UK Smaller Companies (Performance over 3 years) Average Total Return: 39.23%
Citywire TV
Play Taxicab Tenner: AXA IM's Nicolas Trindade

Taxicab Tenner: AXA IM's Nicolas Trindade

After a summer break, it is the turn of AXA Investment Manager's Nicolas Trindade to give a £10 view of how fixed income is faring.

Play Wealth Manager Olympics: the Relay

Wealth Manager Olympics: the Relay

In the final round of the Wealth Manager Olympics, our intrepid athletes team up for the relay.

Play Wealth Manager Olympics: the Shot Put

Wealth Manager Olympics: the Shot Put

After busting a gut in the 100m sprint, our wealth manager Olympians displayed their brute strength in the shot-put.

Read More
Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter