Financial Services Industry
Industry: Email Alert RSS FeedHargreaves funds to be sold by Investec; Deal puts Investec managers in charge of 10 Hargreaves Lansdown funds.
Financial Adviser, January, 2003
By Samuel Dunn
IFA Hargreaves Lansdown has hived off its fund management arm to investment group Investec.
The deal, struck for an undisclosed sum, leaves the intermediary with its clients and the South African asset manager in charge of 10 funds with GBP100m of assets.
Andy Sowerby, managing director of Investec, said there were no immediate plans to make changes but stressed that each fund would be looked at in detail.
Investec managers taking over from Hargreaves Lansdown managers include Jeremy Rigg for Mark Bradshaw on the UK Performance Fund, and Jeremy Podger for Lee Gardhouse on the Utilities Fund. There will be no job losses.
Nine of the former Hargreaves Lansdown funds, which have all been rebranded, are Oeics....
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