Peter Hargreaves, the billionaire co-founder of Hargreaves Lansdown, is stepping back from the board of the UK investment platform months after its £5.4bn takeover by a consortium of buyout shops.

Hargreaves, 79, rejoined the board of the business he set up with Stephen Lansdown in 1981 earlier this year after it was purchased in a landmark deal by CVC, Nordic Capital and Platinum Ivy, a subsidiary of the Abu Dhabi Investment Authority.