Hargreaves Lansdown founder steps down as son takes board seat

Peter Hargreaves, co-founder of Hargreaves Lansdown, the iconic UK investment platform, has stepped down from the company board and entrusted a non-executive directorship to his son, Robert Hargreaves. This move marks the end of an era for a business that, over forty four years, has grown from a modest Bristol bedroom setup to a giant managing over £173 billion of client assets and serving more than two million investors.

Hargreaves announced his departure only six months after rejoining the board in the wake of Hargreaves Lansdown’s £5.4 billion acquisition by a consortium, including CVC Capital Partners and the Abu Dhabi sovereign wealth fund. During this transition, Hargreaves sold about half of his twenty per cent stake but retained a significant holding, preserving the right for him or a nominee to sit on the board. He stated his intent to spend more time abroad and focus on his garden, expressing strong confidence in the company’s management and its future direction under the new leadership team.

Leadership at Hargreaves Lansdown has seen considerable change this year. The board is now chaired by Bruce Hemphill, formerly of Old Mutual, while interim chief executive duties have been taken up by Richard Flint, ex-head of Sky Bet. The board is actively seeking a permanent chief executive to steer the firm through its next phase.

Robert Hargreaves assumes his new role following exposure in both the company and in financial services. His early years involved customer service and marketing roles at Hargreaves Lansdown before his work on the Leave campaign during the 2016 EU referendum. Since 2017, he has served as marketing manager at Blue Whale Capital, an investment fund backed by his father. He has been present at board meetings as an observer since April.

Under new ownership, Hargreaves Lansdown has signalled its intent to expand its product line, especially in light of new regulatory changes that allow for more targeted client engagement. Rivals are bracing for cost control initiatives as the firm seeks greater efficiency. Despite the changing of the guard, Peter Hargreaves leaves behind a business that transformed UK retail investing and a legacy likely to be guided securely by the next generation.