Hargreaves Lansdown has added James Jamieson as a portfolio manager on £464m of UK equity funds.
Jamieson (pictured right), who joins from RBC Global Asset Management, will become part of the platform group’s Select team.
He will help manage the HL Select UK Growth Shares and HL Select UK Income Shares funds alongside Steve Clayton, head of equity funds, and Matt Gregg, UK equity analyst.
Compared to Hargreaves’ multi-manager range, its trio of Select funds, which also includes HL Select Global Growth Shares, have consistently delivered stronger performance.
HL Select UK Growth Shares, which has £307m in assets, is in the top quartile of the IA UK All Companies sector over three and five years, returning 10.7% and 33.6%, respectively, versus 7.3% and 15.8% for the average fund, according to Trustnet. On a one year view, it has lost investors 4.3%, only slightly better than the -5% average return.
The £157m HL Select UK Income Shares fund is second quartile across the board and has managed to deliver a positive return of 3.1% in the past 12 months, just above the IA UK Equity Income 2% average.
HL Select Global Growth, the youngest and biggest fund of the pack at £586m, is second quartile over three years but is sitting on the highest losses over one year of 9.7%, versus -3% for the IA Global sector, as markets have turned volatile.
Clayton said Jamieson’s strengths of identifying high-quality growth companies, capable of supporting rising dividends, and focus on cash generation make him “a perfect match for HL Select”.
“Sifting for those stocks capable of generating rising cash flows is the best way of identifying the businesses with pricing power needed for success in today’s markets,” Clayton said.
“We are delighted James has joined us and look forward to working with him as we push forward with HL Select’s mission to generate long term returns for our investors.”
See also: Hargreaves makes double hire for investment research team
