UPDATE 1-Peter Hargreaves exits Hargreaves Lansdown board, son Robert steps in

(Adds details throughout) Oct 8 (Reuters) – Peter Hargreaves has stepped down from the board of Hargreaves Lansdown, the British investment platform he co-founded in 1981, and his son Robert Hargreaves will take his seat, the company said on Wednesday. Peter, 79, who co-founded the group with Stephen Lansdown and took it public in 2007, rejoined the company's board in April a month after Hargreaves Lansdown was taken private by an international consortium. The 5.4 billion-pound ($7.25 billion) takeover was funded by a group consisting of Europe's largest private equity firm, CVC Capital Partners , Abu Dhabi's sovereign wealth fund, and Swedish private equity firm Nordic Capital. Robert has been a Board Observer with the firm since the takeover, the company said. He is currently the marketing manager at asset management group Blue Whale Capital, according to his LinkedIn page. "I have been greatly impressed by the strength and direction of the team now leading the business and I am confident it is now well-placed for future success," Peter said in a statement. ($1 = 0.7453 pounds) (Reporting by Mrinmay Dey, Nithyashree R B and Raechel Thankam Job in Bengaluru; Editing by Mrigank Dhaniwala and Harikrishnan Nair)

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