Under terms of the deal, Hargreaves will be entitled to nominate one non-independent, non-executive director for appointment to the board, subject to the regulatory and governance framework observed by the firm.
This agreement and nomination right will remain in place for as long as Hargreaves and his associates control at least 10% of the company's voting rights, the company said.
As a result, Hargreaves has appointed Adrian Collins, former chairman of Liontrust Asset Management to the board.
(Reporting By Sinead Cruise, editing by Lawrence White)
