Hargreaves Lansdown has hired the boss of rival Vanguard group to run the business as its new chief executive.
The UK's largest DIY investment platform announced it had appointed Matt Benchener to take on the top role from July.
He will leave his current role as CEO of Vanguard and head of its personal investor platform, which serves millions of the company's clients in the United States.
Benchener's new role will end a more than 17-year career at Vanguard, where he also held senior positions, including within its corporate strategy businesses.
He will join Bristol-based Hargreaves Lansdown in March for a handover period before replacing current interim chief executive Richard Flint, subject to regulatory approval.
Hargreaves Lansdown was acquired by a group of private equity investors last year, including buyout giant CVC Capital Partners and Abu Dhabi wealth fund.
The £5.4bn deal took the company off the London Stock Exchange and into private hands, with the new owners saying they wanted to invest in a technology-driven transformation.
Company founder Peter Hargreaves said he was “delighted to see a CEO who truly understands Hargreaves Lansdown inside and out”.
“His client focus and hard-earned experience in investment platforms make him the right person to advance the business for the benefit of clients,” he added.
Hargreaves recently announced his retirement having rejoined the board in early 2025 to help lead it through the acquisition, with his board seat passing to his son Robert.
Incoming boss Mr Benchener said Hargreaves Lansdown was in a position of responsibility to “support the long-term financial wellbeing of millions”.
“It is a privilege to lead the business through this exciting stage in its history and deliver even more to customers and help the UK become a nation of retail investors,” he said.
The appointment comes as Chancellor Rachel Reeves has been stepping up efforts to attract more investment to the UK and encourage greater retail investment among households.
In the autumn budget in November, he announced a change to the individual savings account (Isa) limit which reduces the cash element from £20,000 to £12,000 with the remaining £8,000 redirected to stocks and shares from April 2027.
