Hargreaves and Share Centre take on £1.5bn of JP Morgan client assets

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.

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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.”

UK advisers in firing line as JP Morgan eyes staff cuts

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.”

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