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Peter Hargreaves has offered fresh insight as to why he is heavily backing an investment boutique launched by a relatively unknown UK fund manager.
In July Citywire revealed the Hargreaves Lansdown founder was named a partner in Blue Whale Capital, which was established by Stephen Yiu.
'I do hope this is not my Anthony Bolton moment,' Hargreaves (pictured) quipped in an interview with The Times, in reference to the star Fidelity fund manager who came out of retirement to launch a China fund, which failed to match his previously hugely successful career in UK equities.
Hargreaves said Blue Whale’s mission is to help 'insular' UK investors raise their exposure to the international markets, in particular the US.
'For as long as I’ve been in this industry, America has done extremely well and UK investors have been phenomenally underweight in the American market,' he said.
Yiu, who worked at Hargreaves Lansdown as an analyst prior to running money for five years until 2007, served as deputy to Tim Steer at both Artemis and New Star, although he did not got anywhere near the level of publicity as the often outspoken Steer.
According to documents seen by Wealth Manager, Yiu established Blue Whale Capital LLP in October last year, in which he holds a 75% stake or more. He is said to have approached Hargreaves around one year ago for support.
Somerset-based Hargreaves, who will not be involved in the day-to-day running of Blue Whale, also admitted there may have been one or two 'porky pies' told by the Leave campaign during the European referendum. These include the pledge to add £350 million to the NHS's coffers.
Hargreaves, who poured £3.2 million into the Leave campaign, also indicated he was uncomfortable with some of its rhetoric, describing it as a 'little bit racist' as it targeted fear over immigrants.
'I think immigration is a good thing. It’s the bureaucrats I don’t like,' he told The Times.
However, while he may have lost a small fortune following the slide in the pound in the aftermath of last June's vote, Hargreaves remains a strong supporter of Brexit.
'After Brexit, whoosh, we were suddenly the most competitive economy in the world. It has been fantastic,' he said.
'Yes, I’m poorer in world terms, but I’m not poorer in sterling terms.'