Hargreaves CEO says to forgo bonus until Woodford fund issue resolved
Changes sourcing, adds statement from Hargreaves CEO, background
June 16 (Reuters) - Hargreaves Lansdown HRGV.L Chief Executive Officer Chris Hill said on Monday he will forgo a bonus until investors in Neil Woodford's suspended fund, which was backed by the British fund supermarket, have access to their money.
"Until investors are able to access their money held with Woodford Equity Income, I will not be taking a bonus," Hill said in an emailed statement.
Woodford, among Britain's most famous fund managers, has faced fierce criticism after suspending his 3.7 billion pound ($4.70 billion) equity income fund on June 3, in a rare move for a fund designed for retail investors. The fund has not given a date for reopening.
Hargreaves, a major Woodford backer, picks out a number of funds it considers to be among the best value for its ‘Wealth 50’ list.
On Tuesday, British lawmaker Nicky Morgan asked UK fund supermarket Hargreaves Lansdown for information about its links to the Woodford fund suspended last week.
The Financial Times reported on Sunday that Hill would forgo his bonus of as much as 2.1 million pounds until issues at Woodford were resolved.
($1 = 0.7942 pounds)
(Reporting by Ishita Chigilli Palli in Bengaluru; editing by John Stonestreet, Bernard Orr)
((Ishita.Palli@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 7087;))
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