Soaring tech valuations could drop amid potentially ‘disappointing’ progress on AI, central bank says; gold has doubled in two years and extends 50% rally so far this year Peter Hargreaves, the billionaire co-founder of Hargreaves Lansdown, is retiring from the UK’s largest personal investment site, seven months after its £5.4bn acquisition by private equity firms. Hargreaves, 79, who set up the business in 1981 in the back bedroom of his house in Clifton with Stephen Lansdown, is handing his board position to his son Robert and said this “marks a proud new chapter in the family legacy”. His firm pioneered “DIY” investments, allowing people to invest directly in shares via its website without costly financial advisers. The Bristol-based company said he had rejoined the board earlier this year to “provide continuity and support through a period of change” following its takeover by a private equity consortium of Jersey-based buyout giant CVC Capital Partners, Sweden’s Nordic Capital and the Abu Dhabi wealth fund, which completed in March. Hargreaves Lansdown is a company I have loved ever since its formation in 1981 and after the takeover, I felt it was important that I had close contact with the business. I have been greatly impressed by the strength and direction of the team now leading the business and I am confident it is now well-placed for future success. Continue reading...

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