Fundsmith founder and CEO Terry Smith has sued Barclays for £220,000 for alleged investment losses caused by the bank by failing to transfer money into his investment fund.
Smith alleged that negligence on the bank’s part delayed the transfer of £330,000 from Aethelflaed Investments, a company owned by him, into his Fundsmith Equity fund.
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Smith said that he emailed the bank to make the transfer in September 2012; however, it took Barclays nearly three years to transfer the money.
As a result of the delay in the transfer, the fund manager allegedly missed out on gains of investing it into the fund that would have offered him 161% in returns by mid-2015, when he filed a legal case.
According to Smith’s allegations, a particular cause for the problems with the Aethelflaed account was due to its move from Barclays’ Soho Square branch to Hounslow without his knowledge.
Barclays has denied any loss incurred on Smith due to negligence. The case is expected to be heard in the High Court in June.
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By GlobalData
