One of Neil Woodford’s biggest champions was last night facing questions about his close relationship with the embattled fund manager.
Mark Dampier, 62, made millions promoting his friend’s investments.
He and his 63-year-old wife Annette have enjoyed a lifestyle of luxury thanks to his position as top financial adviser at Hargreaves Lansdown – an investment platform through which £1.1billion of savers’ cash was put into Mr Woodford’s main fund.
Mark Dampier, 62, and his wife Annette, 63, have enjoyed a lifestyle of luxury thanks to his position as top financial adviser at Hargreaves Lansdown
The two men have known each other for 25 years, with Mr Dampier helping to promote his friend’s interests with personal interviews posted online.
But on Monday Mr Woodford told customers of his flagship Equity Income fund that they cannot take their cash out for at least 28 days. As disaster loomed, Mr Dampier stood by his pal.
He waited until the fund was frozen to take it out of Hargreaves Lansdown’s ‘Wealth 50’ list of fancied funds, a crucial tool for their 1.1million customers to decide where to park their money.
Just weeks ago Mr Dampier told clients: ‘This isn’t the first time in his career Neil Woodford’s under-performed. We think he’s still got the skill to deliver excellent long term performance.’
The two men have known each other for 25 years, with Mr Dampier helping to promote his friend’s interests with personal interviews posted online
Yesterday Hargreaves Lansdown boss Chris Hill issued a grovelling apology to clients. In a message, he said: ‘We all share their disappointment and frustration. Our priority right now is to support our clients and keep them informed.
‘The shortcomings of one fund should not detract from the benefits of favourite fund lists like the Wealth 50.’
Mr Dampier’s support for Mr Woodford includes personal interviews broadcast to tens of thousands of Hargreaves customers online. At one meeting in 2017, Mr Dampier told the cameras: ‘I think a fund that’s focused on income is exactly what’s needed right now.’
The pair met for another cosy interview in Oxford in 2018. Earlier this year he blamed Mr Woodford’s woes on Brexit, and described those who criticised his ongoing support a ‘hassle’.
Former Liberal Democrat leader Sir Vince Cable said: ‘This sounds like something which, even if legal, is perilously close to insider
