Stephen Lansdown sells £58m worth of shares in Hargreaves Lansdown
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Hargreaves Lansdown co-founder Stephen Lansdown has made over £58m after selling a 2.86 per cent stake in the firm.
Lansdown, who co-founded the firm with Peter Hargreaves in 1981, sold 13,560,843 ordinary shares at 429p. The transaction leaves Lansdown with 95.5m ordinary shares, which represents 20.1 per cent of the shares in issue.
Lansdown stepped down from his role as non executive director earlier this year. Co-founder Peter Hargreaves also passed on his chief executive duties to Ian Gorham last month.
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Readers' comments (1)
Anonymous | 7 Oct 2010 6:29 pm
A good business transaction indeed. I wonder how much of the profitability of the firm is based upon retained trail though from their platform especially for what is in the main non-advised business (advice actually costing more without the trail being taken into account if a "client" request it). Post Jan 2013 rules will certainly change that for new business.
Not the last transaction of such a sort that I would anticipate in the near future for firms in a similar position . . .
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