Peter Hargreaves, one of the co-founders of fund platform Hargreaves Lansdown, has sold off a £300m stake in the firm he launched with business partner Stephen Lansdown in 1981.

Wealth manager and Financial Planner Kingswood is to raise a further £20m to fund its acquisition war-chest.

Stephen Lansdown, one of the two founders of online investment platform and wealth manager Hargreaves Lansdown, has sold £103m of shares in the business.

Activist investment firm PrimeStone Capital LLP wants a radical shake-up of wealth manager St James’s Place after accusing the firm of having a "bloated" organisational structure and suffering dismal share price performance.