"Peter Hargreaves, the billionaire co-founder of Hargreaves Lansdown, is retiring from the UK's largest personal investment site, seven months after its 5.4bn acquisition by private equity firms. Hargreaves, 79, who set up the business in 1981 in the back bedroom of his house in Clifton with Stephen Lansdown, is handing his board position to his son Robert and said this marks a proud new chapter in the family legacy."
"His firm pioneered DIY investments, allowing people to invest directly in shares via its website without costly financial advisers. The Bristol-based company said he had rejoined the board earlier this year to provide continuity and support through a period of change following its takeover by a private equity consortium of Jersey-based buyout giant CVC Capital Partners, Sweden's Nordic Capital and the Abu Dhabi wealth fund, which completed in March."
"Robert Hargreaves has served as a board observer since the takeover, which meant he could attend meetings but not vote on decisions, and previously worked at the firm for nearly seven years as a digital marketing executive and helpdesk manager. He currently works as a marketing manager for Blue Whale Capital, an investment fund in which his father invested. The company said Peter Hargreaves will maintain a close relationship with the company and has offered to make his insight and experience available if needed."
Peter Hargreaves, 79, is retiring from the board of Hargreaves Lansdown and handing his board position to his son Robert. He founded the firm in 1981 with Stephen Lansdown in his back bedroom and helped pioneer DIY investing that allowed people to buy shares directly online without costly advisers. He rejoined the board earlier in the year to provide continuity after a £5.4bn takeover completed in March by CVC Capital Partners, Nordic Capital and an Abu Dhabi wealth fund. He retains a stake, will maintain a close relationship and has offered his insight if needed. Robert previously served as a board observer and worked in digital marketing.
Read at www.theguardian.com
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