Stephen Lansdown cuts HL stake to 7% - reports

Offloads £160m stake

Hargreaves Lansdown co-founder Stephen Lansdown has further cut his stake in the investment services company to just 7% after a Guernsey-based company in his name dumped £160m of shares in an accelerated offering through Barclays, according to reports.

Speaking to Bloomberg, Lansdown who has sold more than £438m of HL stock over the past five years, explained the sale was made to support other existing investments and to allow for new ones. Peter Hargreaves: Coronavirus crisis has been 'salutary' lesson for traditional fund managers Lansdown said: "Markets are defying a little bit of gravity at the moment, so I thought if I could see the opportunity to take some off it the table I would - to spread the risk. "We are not out of the woods yet and will not be for a long time, and you need to keep your powder dry to support w...