Pending shareholder approval, the deal will pay £11.40 per share, with the founders, Peter Hargreaves and Stephen Lansdown, set to receive an estimated £535 million and £308m respectively. Hargreaves Lansdown has grown to a client base of 1.9 million and manages £155.3bn in assets.

The takeover comes after months of negotiation and marks the latest in a series of departures from the London Stock Exchange, raising concerns about the attractiveness of the market.

Alison Platt, chair of Hargreaves Lansdown, said: “HL is on an important journey to transform the saving and investing experience for clients and make it easy to save and invest for a better future.

“While the Independent HL board has been pleased with the progress made by the new management team, the independent HL Bbard believes that the cash offer represents an
attractive opportunity for HL shareholders to realise an immediate and certain cash value for their investment at a level which may not be achievable until the execution of the strategy is delivered over the medium to longer term, and therefore intends to unanimously recommend HL shareholders vote to approve it.

“We are pleased to see that the consortium is aligned that HL has an important purpose making it easy for the UK consumer to save and invest for a better future.”