In years gone by, decisions by co-founders to quit their companies generated feverish bid speculation that often led to a takeover further down the line. But this has signally failed to happen at wealth adviser Hargreaves Lansdown, after the resignation of Peter Hargreaves.

On one level, this is surprising, Peter Hargreaves, a former chief executive, retains 32% of the company he started in 1981. A further 16% is retained by co-founder Stephen Lansdown, who stepped away in 2012.