Britain’s biggest investment platform has poached a senior member of tracker funds giant Vanguard to be its new chief executive.
Hargreaves Lansdown has appointed Matt Benchener as chief executive officer from July 2026, subject to regulatory approval.
Benchener runs Vanguard’s personal investment business in the US, which has several million clients, and will join the firm in March for a handover period before taking on the top role.
He is also a member of Vanguard’s senior executive team and led a large-scale operational turnaround, transforming Personal Investor’s technology and digital platforms and driving growth in Vanguard’s advice business.
Benchener, who joined the world’s second-largest investment group in 2008, has also held other senior leadership roles, including personal investor, chief marketing officer, and head of personal investor client service during his tenure.
Flint to the board
Once Benchener takes up the role full-time in July, Flint will move on to the company’s board as deputy chair, working with the new chief executive and on the industry retail investment campaign.
Benchener said: “Hargreaves Lansdown created the retail investing market as we know it in the UK, with an unrivalled heritage, highly trusted brand and market-leading insight.
“Its mission and broad reach give it a distinct responsibility in UK society 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.”
Peter Hargreaves, founder of Hargreaves Lansdown, also praised Benchener, hailing him as “exactly the right person” to take the firm forward.
Benchener’s hire also marks Hargreaves Lansdown’s second senior hire from Vanguard, with Doug Abbot due to join in March as chief product officer.
Private takeover and mounting competition
Hargreaves made a surprise return to the Board in early 2025, before stepping back in October to “provide continuity” following its sale to CVC partners, Nordic Capital and Abu Dhabi’s Platinum Ivy, in a deal completed in March.
The firm, which boasts two million retail customers and £173bn of savings, was taken over for £11.40 a share, with Hargreaves retaining roughly a 10 per cent stake, after selling half of his 20 per cent holding in the takeover, allowing him to scoop up over £500m.
The company, which introduced selling funds directly to individuals rather than through financial advisers and occupies a third of the market, has been facing mounting competition from rivals.
Digital-only platform Robinhood is tightening its grip on the market, while a flood of online only investment platforms and apps, such as Plum and Trading 212, are increasingly attracting customers.