JP Morgan scraps third party funds on its consumer platform
The group is set to remove external funds and investment trusts, as well as bonds, gilts and JPMAM SICAVs, from 7 March.
A spokesperson said the majority of clients on the £2.6bn platform will be unaffected by the move.
“We are realigning our focus on our core competencies of fund and product management across all of our business areas and, as a result of the strategic review of our direct-to-consumer business, have decided to provide only our J.P. Morgan OEICs and investment trusts to clients,” the fund manager said.
Of the 150,000 clients using the platform, only around 3,000 currently invest in third-party funds.
Those holding affected funds will be able to continue to do so, although they will not be able to buy any new funds.