Stephen Lansdown, co-founder of fund platform Hargreaves Lansdown, has further reduced his stake in the FTSE 100 firm.
He sold £190m worth of shares on Thursday (28 September) to take his stake down from 15 per cent to 12.3 per cent.
The other co-founder, Peter Hargreaves, continues to own more than 30 per cent of the company’s stock.
Hargreaves Lansdown shares have risen strongly over the summer, from £12.66 to £14.92 at the time of writing, and are also higher than a year ago.
The shares tumbled in August when regulatory pressure forced the company to scrap a special dividend.
Mr Lansdown has been steadily reducing his stake in Hargreaves Lansdown, selling shares in April 2013, and £200m worth in 2014.
Mr Lansdown’s other interests include his role as chairman of Channel Island’s based wealth and investment management firm Ravenscroft, and his ownership of Bristol City Football Club, and Bristol Rugby Club.
Speaking to FTadviser last week, Mr Lansdown dismissed the idea that passive investment firms such as Vanguard pose a significant threat to the business model of Hargreaves.
He said investors like the convenience of being able to see all of their holdings in one place, and so are unlikely to want to hold their passive investments on another platform.
The fund manager Nick Train, who has long been invested in Hargreaves Lansdown shares, said he doesn’t believe regulatory pressures pose a long-term threat to the company.