Hargreaves Lansdown and the Share Centre have agreed to buy £1.5bn in assets from JP Morgan Asset Management as the firm shifts its focus from direct-to-consumer to fund management.
Hargreaves Lansdown has acquired up to 33,000 of JP Morgan’s retail managed fund clients representing assets under management of £765m, which largely applies to Isa investors.
Customers have been given the opportunity to transfer their holdings to Hargreaves Lansdown for free, or choose a different provider.
Meanwhile the Share Centre has taken on almost 20,000 customers and more than £750m of assets, predominantly made up of investment trusts. The deal was announced in August but the identity of the seller was not made public.
“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,” JP Morgan Emea chief executive Patrick Thomson said.
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“Hargreaves Lansdown is a household name and we are pleased our clients will have the opportunity to access a more comprehensive range of services following this transfer.”