Jupiter has pulled out of administering its retail investment trust and Isa business and has partnered with Hargreaves Lansdown for clients who wish to transfer.
As part of the deal, up to 5,000 retail clients worth £60m in assets under management could transfer to Hargreaves’ Vantage platform. No exit fees will apply as part of the deal.
Clients will be able to choose between defaulting to Vantage or moving to another platform provider.
Jupiter will withdraw its administration service at the end of November. The fund group says the service “is no longer able to meet our clients’ expectations.”
Jupiter Asset Management head of investment trusts Richard Pavry says: “In recent years we have become increasingly aware that our investors now expect to be able to access and manage their accounts online, in real time. After careful consideration we have concluded that our current administration service is no longer able to meet our clients’ expectations.
”We have therefore taken the decision to facilitate this transfer in order to give our clients access to the more sophisticated tools fund platforms are able to provide.”
Hargreaves Lansdown chief executive Ian Gorham says: “We have invested heavily in improving and expanding our investment trust coverage in recent years and launched our low cost regular savings scheme. We are pleased to support Jupiter’s decision and look forward to welcoming these new clients to the Hargreaves Lansdown Vantage service.”