The firm will no longer offer FTSE equities and other non-JP Morgan investments to direct individual clients and has decided to halt its JP Morgan Sipp and cash ISA as well.
As a result, unless they redeem their holdings or transfer them to another provider, JP Morgan clients currently holding such investments will be automatically transferred to the Hargreaves Lansdown Vantage platform. According to the firm, the decision to, in future only offer investment into its own range of OEICs and investment trusts will impact approximately 6% of its more than 126,000 individual client accounts, or roughly 7,000 clients.
Jasper Berens, J.P. Morgan Asset Management’s head of UK Funds said Hargreaves was chosen following a “rigorous selection process” and the two firms have worked closely together to ensure “an optimal solution for all those clients impacted by this business decision.”
Affected clients will not be charged any transfer fees by either firm, JP Morgan and Hargreaves Lansdown confirmed, but refused to disclose the other terms of the deal.
There will be no transfer charges levied by J.P. Morgan Asset Management or Hargreaves Lansdown when these clients are transferred to the Hargreaves Lansdown Vantage Service.
