Train: Why Hargreaves shares could be set for a pull-back

Lindsell Train co-founder Nick Train said he is no longer comfortable increasing exposure to Hargreaves Lansdown, amid fears its share price could suffer a setback as the firm adjusts to the world post-RDR.

Train (pictured), manager of the £260m Finsbury Growth & Income trust, has been a backer of Hargreaves since it floated on the main market in 2007, with 4.1% of his trust held in the company at present. His decision to back the direct-to-consumer platform giant has paid off, with shares up five-fold since IPO and up over 70% this year alone. Train said he remains a "happy investor", but is wary the firm's share price could suffer a de-rating as the group reviews its proposition to meet the requirements of RDR. "Recent results for Hargreaves Lansdown have been strong and the busines...