Hargreaves Lansdown founder Peter Hargreaves takes the plunge joining new investment firm Blue Whale Capital

Lucy White
In this picture taken on March 26, 2009,
Hargreaves has reportedly pledged £25m to the firm (Source: Getty)

Tycoon Peter Hargreaves has swum back onto the wealth management scene just two years after stepping down from the £6.6bn empire he helped to create at Hargreaves Lansdown, taking up the role of partner at new firm Blue Whale Capital.

Read more: Hargreaves Lansdown share price falls as co-founder Peter Hargreaves leaves board after 34 years

The 70-year-old billionaire joined the firm, which was founded by former Artemis stock picker Stephen Yiu, earlier this year according to records filed with Companies House.

He has since pledged £25m to Blue Whale, which is expected to focus on making investments outside the UK, the Sunday Times has reported.

“It's my belief that the UK investor has been very insular in their approach. As a consequence of Brexit, Britain needs to look more internationally,” Hargreaves told the newspaper.

Hargreaves was a prominent backer of, and donor to, the campaign for the UK to leave the European Union.

Read more: EU referendum: Hargreaves Lansdown boss Peter Hargreaves backs Brexit

He founded fund-selling platform Hargreaves Lansdown with Stephen Lansdown in 1981, operating initially from a bedroom in Bristol and remaining with the company as it grew into a FTSE 100-listed giant.

The firm employed Yiu as an analyst between 2002 and 2007, after which he joined now-defunct hedge fund Nevsky Capital.

According to the Sunday Times, Hargreaves will not be involved in the day-to-day running of Blue Whale but hopes “the guys running it will find me a useful sounding board”.

Read more: Hargreaves Lansdown co-founder Stephen Lansdown to become a partner in creative investment fund Edge Investments