HL and The Share Centre pick up £1.5bn of JPMAM client assets
IT and ISA accounts affected
More than £1.5bn of client assets have been transferred from J.P. Morgan Asset Management (JPMAM) to The Share Centre and Hargreaves Lansdown.
The Share Centre has acquired over £750m assets under administration, mostly held in investment trusts, across nearly 20,000 customers, with the transfer of accounts expected to start in September with immediate activation.
Richard Stone, CEO of The Share Centre, said: "At the heart of our business is the customer relationship and high-quality customer service is central to all that we do.
"We have an experienced team, are proud of the service we offer, and look forward to providing customers of JP Morgan and investors in JP Morgan investment trusts with a secure home and trading service for their investments."
At the same time, Hargreaves Lansdown has completed its second transfer of JPMAM client accounts, with £765m of mostly ISA transfers, across 33,000 retail managed fund clients, to its platform.
JPMAM EMEA chief executive Patrick Thomson said its former ISA customers now had the option to transfer their holdings free of charge onto HL's Investment Service.
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."
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