[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Sunday, 21 January 2007, 14:51 GMT
Asset manager 'plans 600m float'
Pound coins
The company looks after investments in ISAs, pensions and unit trusts
Hargreaves Lansdown, one of the UK's largest sellers of investment products, is planning to float on the London market, the Sunday Times has said.

The move could see the Bristol-based group valued at 600m ($1.2bn) - and net its two founders 240m.

Chief executive Peter Hargreaves and chairman Stephen Lansdown set up the firm in 1981. Each holds about 40% of the firm, with staff owning the rest.

The group looks after around 6bn of funds under administration.

As well as looking after money in pensions, unit trusts and Individual Savings Accounts (ISAs), it also holds a further 850m in investment funds.

The firm has yet to appoint an investment bank to handle its market debut, but began looking at possible candidates last week, the Sunday Times added.

Meanwhile, a spokesman for the group said it was currently "considering its options".

Hargreaves Lansdown owns one of the UK's largest so-called fund supermarkets, a low-cost platform that allows investors to buy a wide range of funds from investment houses as well as a stock broking service.

The group - which began life working out of a bedroom - posted a pre-tax profit of 14.4m for the year to June 2005.

The BBC is not responsible for the content of external internet sites

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Americas Africa Europe Middle East South Asia Asia Pacific