Hargreaves Lansdown poaches new boss from rival Vanguard

Hargreaves Lansdown has poached the boss of rival group Vanguard to head up the business as its new chief executive.

The UK’s biggest DIY investment platform announced it had appointed Matt Benchener to step into the top role from July.

He will move from his current position as managing director at Vanguard and the head of its personal investor platform, which serves millions of the company’s clients in the US.

Mr Benchener’s new role will bring an end to a more than 17-year career at Vanguard, where he also held senior roles including within its corporate strategy businesses.

He will join Bristol-based Hargreaves Lansdown in March for a handover period before taking over from current interim chief executive Richard Flint, subject to the approval of regulators.

Hargreaves Lansdown was taken over by a group of private equity investors last year, including buyout giant CVC Capital Partners and the Abu Dhabi wealth fund.

The £5.4 billion 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-led transformation.

Peter Hargreaves, the company’s founder, said he was “delighted to see a CEO (chief executive) who truly understands Hargreaves Lansdown inside and out”.

“His client focus and hard-won investment platform experience make him exactly the right person to take the firm forward to the benefit of clients,” he added.

Mr Hargreaves recently announced his retirement having rejoined the board earlier in 2025 to help steer it through the takeover, with his board position being handed 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 company through this exciting stage in its history and to deliver even more for clients and help the UK become a nation of retail investors,” he said.

The appointment comes at a time when Chancellor Rachel Reeves has been stepping up efforts to attract more investment into the UK and encourage more retail investing among households.

In November’s autumn budget, she announced a change to the individual savings account (Isa) limit that lowers the cash element from £20,000 to £12,000 with the remaining £8,000 redirected into stocks and shares from April 2027.