Mark Dampier, head of research at the firm, and his wife sold a combined £5.6m of shares in the company on May 16, when Hargreaves' share price was £23.92, much higher than the current £18.94 price (June 10).
Mr Dampier's wife sold about £5m worth of shares with Mr Dampier selling the rest.
Mr Dampier’s colleague Lee Gardhouse, who oversees the multi-manager fund range at Hargreaves Lansdown sold £546,000 of shares on May 15.
The information was contained in stock market filings, and was required to be disclosed because Mr Dampier and Mr Gardhouse are directors of the business.
Both individuals remain shareholders in the business and both are entitled to sell shares at any time.
The Hargreaves Lansdown share price declined last week by 5 per cent as the market fears the company will suffer from reputational damage from the suspension of Neil Woodford’s Equity Income fund.
Hargreaves Lansdown maintained Mr Woodford’s fund on its Wealth 50 list of favoured funds right until the day the fund was suspended on Monday (June 3).
The compilation of this list is overseen by Mr Dampier.
The various multi-manager funds at Hargreaves Lansdown are run by Mr Gardhouse, whose job title at Hargreaves Lansdown is chief investment officer.
The multi-manager fund ranges have invested hundreds of millions into Mr Woodford’s funds in recent years.
Steven Lansdown, who co-founded the business but is no longer a director was also a seller of shares in May, disposing of a holding of about £170m. However, he has been reducing his stake over many years.
The information was also disclosed in stock market filings last week, which were required because Mr Lansdown has a holding above 3 per cent.
Mr Lansdown has developed extensive business interests since leaving the company he founded, including ownership of Bristol City FC and Bristol Rugby, and as chairman and shareholder in Ravenscroft, a Guernsey based wealth management firm.
Mr Lansdown has previously said he hopes to grow Ravenscroft into one of the largest wealth management businesses in the UK, and that the business manages all of his invested wealth, except the Hargreaves Lansdown shares.