Hargreaves Lansdown co-founder Peter Hargreaves has reportedly sold his shares worth £300m ($420m) in the firm.
Hargreaves sold 19.5 million shares to institutional investors with each share priced at £15.35.
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The planned share sale is said to amount to about a sixth of his holding in the investment firm, which he co-founded with Stephen Lansdown in 1981.
The 74-year-old billionaire businessman currently holds about 24% stake, worth almost £1.9bn.
Last year, Hargreaves divested shares worth £580m.
He said at the time that the move was part of ‘long-term financial planning to diversify my assets’ and added he would continue to be a ‘substantial’ shareholder in the company.
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By GlobalDataPreviously, Lansdown also sold his shares in the firm.
Hargreaves Lansdown in the news
In August last year, Hargreaves Lansdown named Andrea Blance and Moni Mannings as independent non-executive directors.
Last February, the company reported a £2.31bn ($3bn) of net new business for the previous six months ended 31 December 2019.
Its total assets under administration (AuA) were £105.2bn, a 22% rise year-on-year. It is also more than the £99.3bn in AuA in the firm’s full-year in 2019.
In April 2019, online stockbrokers Share and Hargreaves Lansdown acquired over £1.5bn in client assets from J.P. Morgan Asset Management (JPMAM).
In 2018, the investment manager rolled out a service targeted at first-time investors.
The same year, Hargreaves Lansdown won a tax tribunal appeal against HM Revenue & Customs (HMRC) over tax charged on loyalty bonuses paid to investors.
In 2017, the company agreed to acquire £90m assets from American money manager BlackRock for an undisclosed fee.
