Wraps defend Hargreaves tracker plans

Yesterday it emerged Hargreaves Lansdown intends to charge investors holding certain tracker funds on its Vantage platform a flat fee of up to £2 per month, compared to the current annual rate of 0.5%. Some investors complained the switch - coming into effect from 31 December - will make certain index tracker funds more expensive than costlier managed funds. But wrap platforms have said the move is understandable and born from the need to maintain margins amid increasing use of tracker funds. "Hargreaves face the same type of problem as fund supermarkets - trackers etc do not carry...