Investors who keep Neil Woodford’s iced Equity Income finance on the Hargreaves Lansdown platform can now switch it to a rival broker if they need, following a noticeable change of position by talk about registrar Link. Woodford is currently overhauling his fund, and shedding liquid assets, in an activity initially intended to last 28 days, but that is currently thought likely to take until Christmas.
Frustrated Woodford investors have attempted to leave Hargreaves, which backed the supervisor before day withdrawals from his account were suspended. But until now these were prevented for a technical reason relating to the workings of ‘share classes’. Richard Wilson, of investment platform Interactive Investor, said this week that individuals had contacted his firm to the state they were struggling to switch their accounts from Hargreaves.
This is down to ‘reveal classes’, which will vary variations of the same finance simply. We explain how they work and how to decode the abbreviations tagged onto fund names here. Please, help me decode gibberish account names! Why did customers have trouble transferring Woodford account away from Hargreaves? Hargreaves customers hold a special ‘A share class’ version of the Woodford fund, since it negotiated a particular cut-rate deal along with his fund-management firm. The ‘Z’ version of Woodford’s account is cheaper than the ‘ C share course’ version offered by rival fund agents.
However, since it is exclusive to Hargreaves it might not be kept on those other systems and needed to be changed into ‘C’ when people moved …