Hargreaves to acquire £370m JPMAM client bank

Hargreaves Lansdown has agreed to acquire £370m of assets from J.P. Morgan Asset Management for an undisclosed amount, as the latter ceases to offer certain direct investments to individual clients.

The assets, held by some 7,000 clients, will move across to Hargreaves Lansdown's D2C platform Vantage after 25 September, at no cost to the customer, unless they provide alternative instructions before 26 August. After September, JPMAM will no longer be offering equities, non-JPM funds and investment trusts, gilts, bonds, ETFs, or J.P. Morgan SICAV funds to direct individual clients and will also cease to offer Sipps and cash ISAs. The group said it will limit its offering to JPM OEICs and investment trusts for individual clients invested directly or via an ISA. It is estimated th...