A dispute has broken out between Hargreaves Lansdown, which has just announced the launch of its streamlined Wealth 50 buylist, and Terry Smith, founder of Fundsmith and one of the most prominent stockpickers in the UK, who did not make it onto the list.
According to The Times, Smith, who founded Fundsmith a decade ago, has accused HL of recommending funds based on their potential to maximise the fund supermarket's profits rather than their ability to outperform for clients. The accusations come after HL announced the launch of a new streamlined buylist of 50 recommended funds to replace the firm's originally Wealth 150 and Wealth 150+. The new list does not include Smith's £16bn Fundsmith Equity, despite it sitting in the top quartile of its sector in terms of returns for the past five years and making 134.5% over the period to 8 Jan...
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