Adam Norris, one of Hargreaves Lansdown’s biggest shareholders, has amassed a £100 million war chest and is planning to buy stakes in advice firms and specialist providers, according to a MoneyMarketing report.
Norris, who set up Hargreaves’ pension and annuities arm Pensions Direct, will make individual investments via his venture capital firm Horatio Investments.
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According to the publication, the investment will be typically be between £1 million and £5 million.
Norris is expected to make investment worth up to £20 million by the end of this year, the publication revealed.
"I will not be buying traditional IFA businesses. There is an opportunity with more complex investments as while they add to people’s portfolios, most advisers walk away from products like venture capital trusts and enterprise investment schemes. I think there is a hole in the market there," Norris was quoted as saying by the journal.
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