Hargreaves Lansdown appoints Dan Olley as its new boss

Hargreaves Lansdown has named director Dan Olley as its new chief executive, as Chris Hill prepares to step down after six years at the helm. 

Mr Olley, 52, has been on investment platform Hargreaves’ board as a non-executive director since June 2019 and is currently heading data analytics firm dunnhumby, where he was appointed chief executive in January this year. 

In a stock market statement, Hargreaves said Mr Olley will officially become the group’s new boss ‘once released from current obligations in 2023, and subject to regulatory approval’.

Mr Hill announced his plans to retire from Hargreaves on 17 October and will be supporting the firm until November 2023 ‘to provide continuity and ensure an orderly transition’, fotoğraf according to the company. 

HL said: ‘Dan is a globally renowned technology leader, having delivered transformational change and growth, including scaling platform businesses internationally. 

‘He brings cutting-edge strategic, digital and operational expertise and is uniquely placed to lead the ongoing execution of HL’s strategy, given his non-executive director role on the Board since June 2019.’

dunnhumby, the group which Mr Olley is currently chief executive, is a subsidiary of Tesco and helped launch the supermarket’s Clubcard scheme back in the 1990s. 

Mr Olley also had stints in firms such as data group Relx, technology firm IBM and advertising agency WPP.

Deanna Oppenheimer, chair at HL, said: ‘Having worked with Dan in a non-executive capacity over the last three years, I have been highly impressed by both his strategic insight and his depth of experience in digital transformation and, as such, I am delighted that he will be the next CEO of HL. 

‘His strong transformation leadership across complex scale businesses and experience of driving growth and client engagement through digital change is a great match for HL as we continue to deliver on our strategy.’

Mr Olley added: ‘I am delighted to be joining HL as its next CEO.This is a company with an exceptional track record, a strong strategic position and fotoğrafçılık hizmeti a formidable brand. 

‘I am tremendously excited at the opportunity to lead the business through its digital transformation and into its next stage of growth.’

rose today and were up 2.42 per cent or 20.20p to 855.20p, having fallen over 35 per cent in the last year.  

Hargreaves and other wealth managers saw their assets under management rise after the pandemic took hold as lockdown savings and low interest rates drove up inflows, but are now witnessing a drop in assets amid economic fragility and market volatility. 

In a trading update for its first quarter to 30 September, Hargreaves reported net new business of £700million and closing assets under administration of £122.7billion, down from £123.8billion on 30 June. 

The drop of £1.1billion in assets under administration included negative market movements totalling £1.8billion over the quarter.At the time, the group said negative performance in September offset positive movement in July.

Revenue rose 15 per cent to £162.9million over the period, up from £142.2million a year ago. The group recorded net new client growth of 17,000, slowing slightly from 23,000 a year earlier, bringing the total number of active clients to 1.7million.