Stephen Lansdown has continued to reduce his stake in Hargreaves Lansdown, the platform giant he co-founded with Peter Hargreaves, as its stock rallies in the year to date.
A regulatory filing published on Thursday revealed Lansdown (pictured) now owns a 9.3% stake worth £1bn via his Guernsey-based company PHL Limited. Previously, he had held 10.89% in the business.
Lansdown this month appeared in the Sunday Times Rich List with a net worth of £1.7bn, apparently unchanged from his wealth in the previous year.
The Sunday Times noted he had sold down £129m over the 12-month period.
Hargreaves Lansdown has rallied more than 20% in the year to date prompting analysts to raise concerns that its valuation looks stretched. However, Nick Train, another major shareholder, continued to champion the platform in his latest Finsbury Growth & Income Trust factsheet, noting it rose 21% in April alone.
Peter Hargreaves remains the largest shareholder with his 32% stake helping make him one of the wealthiest individuals in the UK investment industry with a net worth of £3bn.
