Barclays and Numis will sell the shares through a book-build process that will cut the prominent Brexit and Tory party supporter’s stake to around 25% from 31% currently.
Hargreaves Lansdown has been caught up in the turmoil surrounding the collapse of Neil Woodford’s fund management business as it was a major supporter of the failed manager’s funds right up until the point they were gated.
Hargreaves said he was selling the shares as he had an awful lot of eggs in one basket.
He is also chairman of fast-growing fund manager BlueWhale Capital, a firm he set up with former colleagues at Hargreaves Lansdown.
Shares eased 2.8% to 1,660p