Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Witan hands HL £420m as it winds up savings scheme

Witan hands HL £420m as it winds up savings scheme

Hargreaves Lansdown is set to take on up to 16,000 new retail clients and £420 million in assets as Witan winds up its savings platform.

The plan follows Alliance Trust's decision to sell its retail savings platform to Interactive Investor for £40 million last last year, following months of speculation about the fate of the division. 

Witan will stop administering the accounts in May when clients will be offered the option to transfer to the HL Investment Service as the default, or pick an alternative regulated provider of their choice.

‘We are confident that the proposed transfer will result in improved flexibility and choice for account holders, at a competitive cost,’ Witan chair Harry Henderson said.

‘We thank our members for the trust they have placed in us over the years in managing and administering their savings schemes. We will be doing all we can to ensure this necessary process will go as smoothly as possible.’

Hargreaves Lansdown chief executive officer Chris Hill added: ‘As one of the largest supporters of investment trusts in the UK, we are pleased to support Witan’s decision and look forward to welcoming these new clients to Hargreaves Lansdown.’

There will be no exit charges levied by Witan or transfer charges by Hargreaves Lansdown when clients are transferred.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Hugh Young: the buck stops with me on Asia recovery

Hugh Young: the buck stops with me on Asia recovery

The Veteran Asia Pacific fund manager discusses how he is going to improve the performance of Aberdeen Standard Asia Focus and the other investment trusts run by his team.

Play Tim Steer: fund managers will have to get 'stuck in'

Tim Steer: fund managers will have to get 'stuck in'

The second part of our film with former Artemis and New Star fund manager Tim Steer looks at how his profession has evolved over the past two decades.

2 Comments Play Tim Steer: how to spot a stock disaster coming

Tim Steer: how to spot a stock disaster coming

The former Citywire AAA-rated fund manager has written a book on 22 stock disasters and how forensic examination of annual reports could have spotted them coming.

Read More
Your Business: Cover Star Club

Profile: 'Growing pains' - inside a boutique profit battle

2 Comments Profile: 'Growing pains' - inside a boutique profit battle

South London-based Fowler Drew has moved back into the black after spending a couple of years in the red

Wealth Manager on Twitter