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Hargreaves and Lansdown on Rich List for first time

The owners of Bristol-based IFA firm Hargreaves Lansdown, Peter Hargreaves and Stephen Lansdown, have made it into the Sunday Times Rich List 2003 of the 1,000 richest people in the UK for the first time.

The Sunday Times estimates Lansdown to have a stake worth £26m in the IFA which it values at £60m. Past salaries take him up to £32m, placing him in joint 956th place on the list.

It credits Hargreaves with a £25m stake in the business plus earnings of £5m, bringing him up to £30m.

The business partners sit alongside other millionaires such as Scots Sir Alex Fer-guson and Annie Lennox, both on £30m.

Only 98 of those included in the list work in finance, banking, insurance or stockbroking and the pair trail behind financial services multi-millionaires such as Roddie Fleming of the investment family of that name, Bruno Schroder of fund managers Schroders and Martyn Arbib who set up and then sold fund manager Perpetual.

According to the list, Schroder and his family are in 24th place with £893m and Arbib and his family are in 131st place with £255m after selling his stake in Perpetual to rival Amvescap in 2000 for £113m.

Hargreaves Lansdown chairman Peter Hargreaves says: “It has been a dreadful year for the industry and IFAs. We have not had a good year but are certainly a sounder-based business than most and not reliant on commission. We could do better next year if the investment market improves but are predicting at least another five bad years before real recovery.”

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