Hargreaves Lansdown and the Share Centre (a subsidiary of Share plc) are set to acquire €1.3 billion in assets from JP Morgan Asset Management (JPMAM), taking on around 53,000 of its clients between them.
As many as 33,000 retail managed fund clients with €888 million in assets under administration (AuM) may transfer free-of-charge to Hargreaves in what is the second transaction between both entities after the 2015 migration. The clients are, however, able to choose another provider if they wish.
The transfer principally applies to ISA investors, and was agreed after due deliberation and the fact JPMAM has worked with Hargreaves previously, according to JPMAM’s European chief executive Patrick Thompson.
“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,” Thompson said of the acquisition.
The Share Centre, meanwhile, is set to take on nearly 20,000 JPMAM clients with over €870 million in AuM of mainly investment trusts.
According to the Share Centre, the transfer of accounts is expected to start in September this year “with activity flowing through immediately”.
Although announcing the deal back in August last year, the UK-based stockbroker did not disclose from where the accounts were being acquired.
JPMAM’s head of investment trusts Simon Crinage said that the Share Centre was chosen “after careful consideration”.
“We concluded the Share Centre would be best placed to offer a comprehensive, high quality client service, with an array of features and functionality which will provide an optimal outcome for JPMorgan investment trust clients,” he said.
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