JP Morgan consumer platform will offer its own Sipp

27 August 2009 0:55 am

Money Marketing broke the news in January last year of JP Morgan's plans to launch a platform.

The new proposition, which is based on technology provided by FNZ, comes five years after JP Morgan Worldwide Securities Services shut its Funds Hub platform which was a joint venture with Investia. FNZ also powers the Standard Life and Axa Elevate wraps.

Wealth Manager Plus will feature an investment account, cash and stocks and shares Isas, Oeics, investment trusts, Sicavs, fixed-interest securities, exchange traded funds and equities.

Users will be able to view their investments by asset class, geographic region and tax wrappers. Clients will pay a single account fee as well as an annual charge on certain types of investments.

Investors in the JMP Oeics or Sicavs through the platform will pay 1 per cent rather than the usual 4.25 per cent charge.

JPMAM senior public relations manager Ben Larter says: "We do not want to be offering this through IFAs because we already have a well established IFA channel. They are two very different offerings and we are not trying to compete in the IFA area. We are not offering advice."

Finance and Technology Research Centre director Ian McKenna says: "JP Morgan is a good name but they will need to go a long way to have a bigger impact than Hargreaves Lansdown."

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