Hargreaves Lansdown boss quits as it pulls in record assets

The chief executive of financial services platform Hargreaves Lansdown, Ian Gorham, is stepping down in the next 12 months after seven years in charge.

Gorham, 44, who took over from founder Peter Hargreaves in 2010, said: “I’m still very focused on the business and have no specific plans for what I will do next.

“But I can’t see myself running a large company again and will probably go off and do something by myself.”

Hargreaves Lansdown confirmed its dominant position as the UK’s largest platform for savings, investments and share trading for private investors, with a record £61.7 billion of assets at its June year end.

Profits rose 10% to £219 million with the number of active customers up by 100,000 to 836,000.

“While the popularity of investing is growing it’s still not fully in our psyche,” Gorham said.

“But with low interest rates for longer more people are choosing to look after their own investments. The average age of our clients is also coming down.”

Gorham will be replaced by finance director Chris Hill, who only joined Hargreaves in April from spreadbetter IG Index.

Gorham owns shares and options worth just over £10 million and was paid £1.9 million last year.

The 3% rise in the annual dividend to 34p a share means founder Peter Hargreaves will receive a £51.9 million payout.