Liontrust's top performing fund manager Anthony Cross has backed Hargreaves Lansdown's shares to surge after the final rules around platforms and RDR are released.
The country's most famous wealth manager has seen shares tumble sharply in the past year as concerns about its business model's viability post-Retail Distribution Review continue to dog performance.
The group is currently remunerated via rebates from fund managers in return for distribution of their products, in the same way as other platforms, with Hargreaves' Vantage platform taking a share of the AMC.
However, with increased transparency after RDR come in, investors have panicked over how the firm will maintain its margins.
Shares dropped last August after the FSA confirmed it plans to extend the rebate ban to execution-only platforms.
If introduced, the move will mean Hargreaves and the other platforms have to reveal kick-backs from fund managers.
Cross (pictured) said although many investors have deserted the stock because of RDR fears - the share price is currently down 25% from its high of 629.5p seen last July - he expects the management team to be able to maintain revenues.
"We like Hargreaves for a number of reasons," he said. "Its Vantage platform means the group has very strong distribution, the group has a strong brand, and it has lots of direct customer relationships.
"Obviously RDR may impact part of the business, but we think ultimately people will pay for its services."
Cross conceded Hargreaves may have to re-fashion its business model, and the group is understood to be looking at a number of new ways to generate revenues once RDR comes into force.
However, he expects Hargreaves will be able to alter the business model without major disruption if necessary.
"We need clarity on RDR but then we think it will do very well," Cross added.
Cross' fund - which he co-manages alongside Julian Fosh - has a 0.6% stake in Hargreaves. The £367m fund is one of the standout performers in the UK All Companies sector, delivering 90.3% to investors over three years, compared to the sector average return of 33.3%, according to Morningstar.
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