J.P. Morgan Asset Management (JPMAM) has appointed Hargreaves Lansdown (HL) to provide its open-ended investment company (OEIC) managed fund investors with an option to transfer their holdings, free of charge, onto the HL investment service.
HL has revealed that up to 33,000 retail managed fund clients representing £765m may elect to transfer to its investment service, or to an alternative ISA provider of their choice.
Hargreaves Lansdown CEO Chris Hill commented: “As the largest stocks and shares ISA provider, we continue to develop and improve our online and mobile services to meet the changing needs of the investor. 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.”
J.P. Morgan Asset Management EMEA CEO Patrick Thomson added: “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.
"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.”
This is second transaction between HL and J.P. Morgan following the 2015 migration.
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