Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Peter Hargreaves rockets into Rich List top 50

Peter Hargreaves rockets into Rich List top 50

Peter Hargreaves (pictured) has leapfrogged his way up the 2018 Sunday Times Rich List, climbing nine places from 52nd to 41st on a sharp appreciation of his 32% stake in Hargreaves Lansdown.

Hargreaves' fortune climbed £849 million last year to take his total net worth estimated by the paper to £3.1 billion. Shares in the business have risen by more than 28% to £18.89 last week, after reaching a low of £13.47 a year ago, despite a steep sell-off last summer. This was caused by the  cancellation of its special dividend.

His co-founder Stephen Lansdown, who last year reduced his stake in the company down from 15% to 12.3%, saw his net wealth climb £240 million over the period to a total £1.7 billion, taking him from 86th place  to 76th.

The rapid ascent has cemented Hargreave’s place as one of the wealthiest men in the UK funds industry, behind only Bruno Schroder and family with an estate of £5.2 billion, up £979 million in the 12 month-period. This took his family from a collective 26th to 24th place.

That was almost entirely due to an £889 million appreciation of his 48% stake in Schroders, the Sunday Times estimated. From a low of £31.25 in May 2017, the shares have climbed more than 9% to £34.46 last week, although that remains well below a January high of £37.18.

Elsewhere, Citywire AAA-rated Terry Smith, founder of Fundsmith, climbed from 513th position to 480th, as a result of a £30 million increase in the value of his estate to £250 million.

Crispin Odey, who earlier this year saw his major short on equity come good following several years of the market moving painfully against him, moved in the opposite direction. He fell from 165 to 180 after taking a £25 million hit on the value of his £750 million estate.

At the head of the list was Jim Ratcliffe,  founder of chemical and fracking business Ineos, who shot up from 18th place in the 2017 edition following an extraordinary £15.3 billion growth in his net wealth last year to a total £21 billion.

Ratcliffe founded the business in 1992 and has since built it into the UK’s biggest private enterprise with a workforce of more than 18,500 and operations in at least 20 countries. The revaluation of his estate follows the release of more detailed financial disclosures from the business, in which he retains a 60% stake, which the Sunday Times used to estimate a net market cap of £35 billion.

He additionally holds a portfolio of other interests such as the menswear business Belstaff, and Projekt Grenadier, the enterprise hoping to develop a successor vehicle to the discontinued Land Rover Defender.

Behind Lansdown, Ashmore founder Mark Coombs also shot up the rankings climbing from 117th to 86th place as a £414 million appreciation took his net value to £1.5 billion. From a low of 344p in May 2017 shares in Ashmore are up 13.7% to 399p

 

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Related Fund Managers

Terry Smith
Terry Smith
10/460 in Equity - Global (Performance over 3 years) Average Total Return: 76.26%
Crispin Odey
Crispin Odey
187/193 in Equity - Europe (Performance over 3 years) Average Total Return: 12.51%
Wealth Manager on Twitter