Hargreaves Lansdown co-founder Peter Hargreaves has offloaded £550m of stock in the company to institutional shareholders, as he looks to “diversify his assets”.
Hargreaves had told the market he intended to sell £500m of stock on Thursday (6 January), but on Friday said he had increased that by £50m due to "strong investor demand".
The sale of shares represents around a fifth of Hargreaves' shareholding and the founder insisted he would "remain, and continue to be, a substantial shareholder in Hargreaves Lansdown".
"I am very proud of the business that I co-founded and helped to build," Hargreaves said. He now owns 24.3% of the firm's shares.
Fund managers who hold Hargreaves have long been bullish on the stock, backing the firm despite criticism from many over its role in the Neil Woodford saga.
Lindsell Train's Nick Train remains a shareholder, though recently said he would "wait and see" whether HL can overcome the pressure put on it from the scandal. Baillie Gifford's Milena Mileva, meanwhile, said the firm had responded positively in the aftermath.
Hargreaves last week said it had reviewed its Wealth 50 process and would be making changes to the way it was put together in the wake of the episode.
Elsewhere, it was revealed eight of HL's top executives had shared £2.3m worth of share options under the firm's "sustained performance plan".
The total was split between HL's executives, with CEO Chris Hill receiving £306,000 worth of options and CIO Lee Gardhouse receiving £153,000.