Financial services company Hargreaves Lansdown is to acquire up to 7,000 clients and GBP370 million in assets from J P Morgan Asset Management, accounting for roughly 6 per cent of JPM’s individual client accounts.
J P Morgan Asset Management will no longer be offering FTSE equities and other non JPM investments to direct individual clients and will cease to provide the JP Morgan SIPP and the J.P. Morgan Cash ISA. Going forward, J.P. Morgan will only be offering its own range of OEICs and Investment Trusts to individual clients, invested either directly or via an ISA wrapper. These changes will impact approximately 6 per cent of J.P. Morgan client accounts (7,000 out of more than 126,000 individuals).
Clients currently holding investments and wrappers that will no longer be available through J P Morgan Asset Management will automatically be transferred to Hargreaves Lansdown Vantage after September 25 2015, unless they redeem their holdings or transfer to another provider.
Commenting on the development, J P 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.”
Ian Gorham, Chief Executive Officer, Hargreaves Lansdown says: “The breadth of Hargreaves Lansdown’s service means we are able to accommodate the full range of investments that these clients currently hold. We are pleased to support J P Morgan Asset Management’s decision and look forward to welcoming these new clients to the Hargreaves Lansdown service.”
