Hargreaves Lansdown chief executive Ian Gorham has sold an interest in 750,000 of the group's shares for £3.35m and reinvested half the proceeds back in the company.
Gorham (pictured) exercised his interest in the shares earlier this week after a three-year lock-up period expired, taking advantage of a period of strong share price performance for the platform.
The sale relates to a 2009 joint share ownership plan (JSOP), which saw Gorham and other senior figures acquire the right to the growth in the value of the shares from the date of the award.
At that date, 9 December 2009, each share had a market value of 268.8p. Hargreaves' market value soared over the subsequent three years, meaning the shares were sold this week at 714.8p apiece.
Following the sale, Gorham purchased 225,000 ordinary shares yesterday at a price of 714.8p a share, a £1.6m stake equivalent to a 0.05% interest in the company.
The CEO currently holds options to acquire a further 1.5m Hargreaves shares, according to regulatory filings.
Meanwhile, group finance director Tracey Taylor and corporate & pensions MD Alex Davies have also sold share interests awarded under the 2009 JSOP.
The former exercised an interest in 1m shares, worth £4.5m, and the latter sold an interest in 333,333 shares, worth £1.5m, earlier this week.
Hargreaves' most recent results saw it report record revenues of £68.7m for the three months to 30 September. The group's shares have risen 64% this year and currently trade at 703p per share.
Investment Association to create new labels
Among the most shorted stocks in the FTSE 100
Covering five topics