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Hargreaves Lansdowne co founder peter Hargreaves is retiring and handing over his board position to his son following a £5.4bn private equity takeover of the investment firm.
Mr Hargreaves, who recently celebrated his 79th birthday, said the decision to pass the role on to his son Robert “marks a proud new chapter in the family legacy”.
The Bristol-based firm said it had rejoined the board earlier this year to “provide continuity and support through a period of transition”. CVC Capital Partners and this Abu Dhabi Wealth Fund, which was completed in March.
Mr Hargreaves set up the business with Stephen Lansdowne in 1981 from a back bedroom of his home in Clifton.
Their co-founder Mr. Lansdowne retired in 2012.
Mr Hargreaves previously stepped down from the board in 2015, although he retains a stake in the firm, as did Mr Lansdowne.
The company said Mr Hargreaves “will maintain a close relationship with the company and has offered to provide his insight and experience where needed.”
Mr Hargreaves said: “Hargreaves Lansdown is a company I have loved since its formation in 1981 and following the acquisition, I felt it was important that I had closer contact with the business.
“I have been very impressed by the strength and direction of the team now leading the business and I am confident it is now well placed for future success.
“Robert’s appointment marks a proud new chapter in the family legacy and at the age of 79, I’m looking forward to enjoying a little more time in the exotic sunshine and tending to my garden.”
Robert Hargreaves has been a “board observer” since the takeover, meaning he can attend board meetings but not vote on decisions, and may have previously worked at the firm for several years.
He currently works at Blue Whale – an investment fund in which Peter Hargreaves invested.
Bruce Hemphill, Chairman of Hargreaves Lansdown, said: “On behalf of the Board, I would like to extend our deepest thanks to Peter for his vision, dedication and decades of service.
“His leadership shaped the company and laid the foundation for its success.”