Hargreaves Lansdown will acquire around 7,000 retail clients from JP Morgan as the fund manager retreats from third party investments.
The firm will no longer offer non-JP Morgan investments, including FTSE equities, to direct clients. It will only be offering its own range of Oeics and investment trusts, invested directly or via an Isa.
In addition, JP Morgan is closing its Sipp and cash Isa.
On 25 September this year, around 6 per cent of JP Morgan’s direct book, representing approximately £370m of assets, holding investment and products no longer offered by the firm will automatically transfer to Hargreaves’ Vantage platform.
Customers will not be charged for transferring and will have the option to opt-out.
The terms of acquisitions have not been disclosed.
JP Morgan Asset Management UK funds head Jasper Berens says: “Whilst we remain fully committed to providing excellent service to our existing direct clients, this transition reflects our decision to focus on our core strength in fund management”
Hargreaves Lansdown chief executive Ian Gorham says: ““The breadth of Hargreaves Lansdown’s service means we are able to accommodate the full range of investments that these clients currently hold.”