[ BAILLIE GIFFORD ]
“ Traditionally we accessed this market by buying listed fund management companies , but with platforms we don ’ t need to make those calls or worry about the skill of the managers in any one company ”
in the aftermath ,” McCombie recalls . “ But I think they understood and appreciated our motives for raising the issues . In turn , we were reassured that the board was listening and was determined to address the matter .” McCombie notes that the Hargreaves board subsequently took some positive steps , including improving governance of its Wealth 50 best-buy list . Crucially , Hargreaves continues to attract new clients .
“ Those challenges haven ’ t affected its long-term story , and we ’ re encouraged by that ,” he says . Platforms play an increasingly pivotal role for private investors . The winners will be those focused on customer satisfaction – a recipe for a powerful virtuous circle , as more cash flows into the platforms . “ The opportunities are there for them , so long as they don ’ t screw it up ,” McCombie concludes .
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Investments with exposure to a single market may increase risk . UK Growth Fund portfolio data to 31 December 2020 .
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