Hargreaves predicts industry shake-up

In two years time there will only be three fund supermarkets remaining, according to Peter Hargreaves, managing director of Hargreaves Lansdown. He believes the survivors will be Fidelity, Skandia and his own platform. While Hargreaves believes the Pru platform may survive, he said Cofunds is groaning under a massive debt and cost burden, particularly for Pep and Isa consolidation. The Hargreaves platform now has £1bn of funds under management, the second largest behind Fidelity. Consolidation and attribution also faces the IFA community, he says. Hargreaves also criticises the high sal...