Fund manager Baillie Gifford is to transfer assets from its investment trust savings scheme to financial adviser Hargreaves Lansdown in a deal similar to the one between Hargreaves and JP Morgan Asset Management (JPMAM) announced earlier this month.
Edinburgh-based Baillie Gifford will transfer £1.3 billion (€1.15 billion) of assets for 21,000 plan holders in ISAs, share plans and children’s savings.
The fund manager said it had evaluated options for its investment trust savings scheme and that the transfer was in the long-term interests of plan holders who would be “best served by a transfer of their investments to a specialist investment platform”.
Both businesses have agreed that the present charging level across all plans will not be subject to change for a period of three years from the transition period.
The JPMAM transfer will sees Hargreaves Lansdown acquiring as many as 33,000 retail managed fund clients with £756 million in assets under management.
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