Peter Hargreaves is selling about 300 million pounds ($420 million) worth of his shares in Hargreaves Lansdown Plc.
The sale will be undertaken via an accelerated bookbuild offering to institutional investors, according to a statement Tuesday. Hargreaves Lansdown shares have risen 8.4% this year, buoyed by stuck-at-home investors joining the investment platform.
Hargreaves is one of the richest people in Britain with a $4.1 billion fortune, according to the Bloomberg Billionaires Index. Before the sale, he owned about a quarter of the investment firm, a holding worth about $2.6 billion.
Both Hargreaves and co-founder Stephen Lansdown have pared their stakes in the financial firm in recent years. Hargreaves sold 550 million pounds of shares last February, weeks before markets tumbled on anxiety over the economic repercussions of the coronavirus pandemic.
Hargreaves didn’t immediately respond to requests for comment.
This article was provided by Bloomberg News.