View more on these topics

Legg Mason to transfer £65m Isa business to Hargreaves Lansdown

UK-Currency-Money-Pounds-Notes-700x450.jpg

Legg Mason is withdrawing from offering Isas to investors and has agreed a deal to transfer up to £65m in assets and up to 7,000 clients to the Hargreaves Lansdown Vantage platform.

The terms of the deal have not been disclosed, and the transfer is subject to approval by the FCA and HM Revenue & Customs. No exit charges will apply for investors transferred to Vantage.

Legg Mason Isas which have not been transferred to Hargreaves Lansdown or an alternative Isa provider by 15 June or voluntarily redeemed as at 12pm on 30 June, will be bulk transferred to Hargreaves Lansdown. Customers will continue to be invested in the funds currently held.

Legg Mason head of global distribution business management Ed Venner says: “ We are aware that Isa holders increasingly value the ability to access and manage their accounts online, together with other features and functionality that our Legg Mason Isa does not currently offer. After careful consideration we have therefore decided to withdraw from offering the Legg Mason Isa with effect from 1 July and to offer our clients the opportunity to transfer to Hargreaves Lansdown or take other actions as best suit their circumstances.”

Hargreaves Lansdown chief executive Ian Gorham says: “As one of the UK’s largest stocks and shares Isa providers we are pleased to support Legg Mason’s decision and look forward to welcoming these new clients to the Vantage service.”

Recommended

Asset allocation: Hargreaves targets equity income to beat market fears

Equity income is the sector to be in for Hargreaves Lansdown chief investment officer Lee Gardhouse despite market volatility, the looming EU referendum and recession fears. He says: “Equity income is the most attractive part of the market, but we are not going through the end of the world and we’ll see more company profits […]

Pension-pot-700.jpg
4

Hargreaves reveals DIY drawdown customer behaviour

Customers who entered drawdown contracts without an adviser following the pension freedoms have avoided classic amateur investing mistakes, new figures from Hargreaves Lansdown appear to show. Experts have been warning the Government reforms would leave non-advised customers exposed to market shocks and at risk of crystalising losses. But Hargreaves’ analysis of 27,000 self-managing customers indicates […]

Ian-Gorham-presenting-at-Platforum-conference-2013.jpg

Hargreaves clients choose pensions over Isas

Hargreaves Lansdown says it has seen “significant inflows” of pension assets following the pension freedoms, with a swing to Sipp investments rather than stocks and shares Isas. In its interim results for the six months to 31 December, the company says the average new contribution into a Vantage Sipp rose by 13 per cent over […]

Certification guide

Guide: how to… certify your pension scheme

Certification is highly complex and surrounded by a minefield of information and auto-enrolment jargon, which can make it very difficult to understand. However, for many employers it is a necessary process that must be executed successfully.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment