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Hargreaves Lansdown acquires 7,000 JP Morgan clients

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Hargreaves Lansdown is to acquire up to 7,000 J.P. Morgan Asset Management clients following the fund group’s decision to scale back its direct-to-consumer proposition.

J.P. Morgan will no longer offer FTSE equities and other third party products to direct individual clients and will stop providing its SIPP and cash ISA.

The fund house will continue to offer its own range of OEICs and Investment Trusts to clients, invested either directly or via an ISA wrapper.

Hargreaves Lansdown, which will acquire £370m of assets, said the changes will impact approximately 6% of J.P. Morgan client accounts.

Clients impacted by the changes will be automatically transferred to Hargreaves’ Vantage platform after 25 September 2015, unless they redeem their holdings or transfer to another provider.

Jasper Berens, J.P. Morgan Asset Management UK funds head, said: “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.

“Following a rigorous selection process, J.P. Morgan Asset Management selected the Hargreaves Lansdown Vantage Service for its industry-renowned client service capabilities and ability to accommodate all of the different types of client investments.

“We have worked closely with Hargreaves Lansdown to ensure that client needs will be well served by this transition and the move represents a significant collaborative effort to ensure an optimal solution for all those clients impacted by this business decision.”

There will be no transfer charges levied by J.P. Morgan Asset Management or Hargreaves Lansdown when these clients are transferred to the Hargreaves Lansdown Vantage Service.

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