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Invest in Woodford, Hargreaves Lansdown told clients – then sold millions in stock – The Times

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Invest in Woodford, Hargreaves Lansdown told clients – then sold millions in stock – The Times
Lee Gardhouse, Hargreaves Lansdown’s chief investment officer, sold £546,000 of his Woodford shares before Woodford Equity Income was frozenAlamy

Britain’s biggest investment company secretly raised concerns about the Woodford Equity Income fund more than two years ago — but continued to recommend it as a top fund to its 1.1m customers.

Hargreaves Lansdown has also been selling millions of pounds of Woodford stock held across four of its in-house funds over the past two years, according to an analysis of official records. The £3.7bn Woodford Equity Income fund was frozen this month, with savers banned from getting hold of their money, in one of the biggest scandals to rock the investment industry in recent years.

It is understood that Hargreaves first raised concerns about the performance of the fund with senior staff at Woodford Investment Management in early 2017. However, ordinary investors were not…

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