LONDON (Reuters) – Executives at fund supermarket Hargreaves Lansdown <HRGV.L> are surrendering their bonuses after clients were hit by the suspension of Neil Woodford’s flagship fund, a source with direct knowledge of the matter said.
Chief Executive Chris Hill, Chief Financial Officer Philip Johnson, Chief Investment Officer Lee Gardhouse and Research Director Mark Dampier, will take no bonus for 2019, the source said.
“Chris believes this is the right thing to do. He recognises the impact that the gating has had on our clients. This demonstrates his and Hargreaves Lansdown’s continued focus on putting clients first,” he added.
Woodford’s LF Woodford Equity Income Fund was suspended in early June after a liquidity squeeze, trapping nearly 300,000 Hargreaves clients in the fund, which featured on Hargreaves’ ‘best buy’ Wealth 50 list.
(Reporting by Simon Jessop, editing by Sinead Cruise)