Hargreaves Lansdown and The Share Centre have agreed a deal to acquire up to 53,000 JP Morgan Asset Management clients with a total of over £1.5bn assets.
The deal comes as JP Morgan winds down its direct-to-consumer business to focus on own fund management.
The asset manager will offer up to 33,000 of its retail managed fund clients, with assets worth £765m, the chance to transfer their assets to Hargreaves Lansdown. The assets are mainly held in ISAs.
JPMAM Europe, the Middle East and Africa chief executive Patrick Thomson comments: “After due consideration and having worked closely with Hargreaves Lansdown in the past, we concluded they would be best placed to provide a high quality service to clients holding our OEIC managed funds as we cease the administration of ISA accounts.”
Additionally, a near 20,000-strong client book with some £750m assets under administration, predominantely held in investment trusts, has been agreed to be acquired by The Share Centre.
JPMAM head of investment Trusts Simon Crinage: “After careful consideration, we concluded The Share Centre would be best placed to offer a comprehensive, high quality client service, with an array of features and functionality which will provide an optimal outcome for JPMorgan investment trust clients.”
The Share Centre said that it is now a “strong advocate of investment trusts” in a statement to the press today.
The Share Centre chief executive Richard Stone says: “I am delighted to announce the strategic acquisition of a book of accounts announced back in March is from J.P. Morgan, one of the world’s leading global financial services firms.
“It is a privilege to have been chosen by the company as the best home for their investment trust customers and we look forward to helping these customers work towards their investment goals.”