The moves comes after the Citywire AA-rated fund manager shelled out around £374 million to more than double his stake in the business earlier this year.
According to a stock exchange announcement, Train (pictured) made his latest purchase on 25 March.
He now owns 52,354,597 shares in the business. based on Hargreaves' closing price of £18.63 on 29 March, the stake is worth around £975 million.
In a trading update for his Finsbury Growth & Income trust shortly after he doubled his stake, Train hailed Hargreaves Lansdown’s potential for ‘explosive growth’ once the UK economy enters its next upswing.
He added: ‘It is undeniable that growth slowed at Hargreaves Lansdown [in late 2018], during a very tricky time for UK politics and global stock markets.
‘Nonetheless the business did grow and, importantly, took share – now representing 39% of the direct to consumer platform market and nearly 32% share of the stock broking market.’
The overwhelming bulk of the company’s stake is held via Train’s titanic £5.4 billion UK Equity fund, which owns around 5.1% of the stake, while Finsbury holds around 1.25%. The remainder is held across the group’s funds.
Shares in Hargreaves have tumbled from a record high of £22.62 last autumn. Even after that rerating it remains priced at an aggressive growth premium of around 33.5 times last year’s earnings, versus an investment management and fund peer average of 12.