July 1, 2019 / 11:56 AM / 3 months ago

BUZZ-Hargreaves: Canaccord sees minimal hit from Woodford fund suspension

** Shares of British fund supermarket rise as much as 3% to 1,976 pence

** “We don’t expect a meaningful medium to long-term impact from an operational perspective (from Woodford fund suspension), although we do think in the short term it may temper new client and net fund growth” - Canaccord Genuity

** Hargreaves has about 300,000 clients exposed to Neil Woodford’s suspended 3.7 bln pound ($4.68 bln) LF Woodford Equity Income fund

** Woodford, one of Britain’s best-known fund managers, suspended the fund on June 3 due to a rise in redemption requests, prompting a scrutiny by regulators and politicians

** Canaccord Genuity upgraded the company’s fiscal EPS 2020 estimate by 3% and fiscal 2021 by 1%, saying “competition does not seem to have been as intense as we might have imagined” (Reporting by Justin George Varghese in Bengaluru)

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