Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Hargreaves tipped to apply for banking licence

Hargreaves tipped to apply for banking licence

Discount broker Hargreaves Lansdown is expected to apply for a full banking licence in an effort to build on its strong growth according to The Mail on Sunday.

Analysts at Morgan Stanley have predicted that Hargreaves could announce the move when it publishes its financial statements for the last 12 months on Wednesday, said the newspaper.

The move would allow Hargreaves, which was founded by executive director Peter Hargreaves (pictured), to pay better interest rates on clients’ cash and follows the increased ISA allowance announced in the Budget

The paper quoted Morgan Stanley as saying: ‘ISA reforms allow for increased cash holdings plus flexibility between cash and investments, and pension reform would also increase client cash. To attract and retain customers, we believe Hargreaves will have to pay more competitive rates on client cash.’

Read the full story here.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Hendersons' Kerley: investing in Marmite-like China

Hendersons' Kerley: investing in Marmite-like China

Citywire A-rated manager sees higher quality growth originating from China's current reforms.

Play Oil slump opportunities, Japanese recession & a UK bank conundrum

Oil slump opportunities, Japanese recession & a UK bank conundrum

Investment Pulse this week looks at further challenges for the British banking sector, Japan's return to recession and the continuing weakness of brent crude.

Play JPMAM's Georgina Brittain: the best opportunities in mid caps

JPMAM's Georgina Brittain: the best opportunities in mid caps

Brittain discusses where she sees opportunities in mid caps despite rising valuations.

Your Business: Cover Star Club

Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

Wealth Manager on Twitter