Hargreaves Lansdown co-founder Stephen Lansdown has sold 5.5m shares in the company.
An announcement on the Stock Exchange reveals Lansdown sold the shares on Wednesday. He still holds 90 million shares and owns an 18.97 per cent stake in the firm.
The sale, based on a closing share price of 96p, saw Lansdown net £52.8m.
Both Lansdown and Peter Hargreaves featured in the Sunday Times Rich List this week. Lansdown was ranked 95 with an estimated wealth of £900m, while Hargreaves was ranked 47 with an estimated wealth of £1.5bn.