TYCOON Peter Hargreaves has swum back onto the wealth management scene just two years after stepping down from the £6.6bn empire he helped to create at Hargreaves Lansdown, taking up the role of partner at new firm Blue Whale Capital.
The 70-year-old billionaire joined the firm, founded by former Artemis stock picker Stephen Yiu, earlier this year, according to records filed with Companies House.
He has since pledged £25m to Blue Whale, which is expected to focus on making investments outside the UK, the Sunday Times reported.
"It's my belief that the UK investor has been very insular in their approach. As a consequence of Brexit, Britain needs to look more internationally," Hargreaves told the newspaper.
Hargreaves was a prominent backer of, and donor to, the campaign for the UK to leave the European Union.
The firm employed Yiu as an analyst between 2002 and 2007, after which he joined now-defunct hedge fund Nevsky Capital.
According to the Sunday Times, Hargreaves will not be involved in the day-to-day running of Blue Whale but hopes "the guys running it will find me a useful sounding board".
(c) 2017 City A.M., source Newspaper