Harcus Parker (HP) has been investigating claims against fund managers and others for closet tracking: the practice of describing a fund as actively managed and charging for that service but in fact merely tracking an index or constraining performance.
HP are currently focussing investigations on two subsidiaries of Lloyds Banking Group, Scottish Widows and the Halifax. HP have now identified that the Halifax UK Growth Fund appears to be managed in exactly the same manner as the Scottish Widows UK Growth Fund, ...
This is a personal blog by ShareSoc Director Cliff Weight and does not necessarily represent the views of ShareSoc.
I have been concerned about Closet Indexing for some time. As have many others, eg
I met with executives from the FCA on 26 July to discuss our concerns. I have also had several conversations with David Rankin from Punter Southall. The latest news is that Harcus Parker have now starting gathering claimants for a class action against Scottish Widows. They have said-
Harcus Parker ...