LONDON (Alliance News) - Hargreaves Lansdown PLC and Share PLC said Tuesday they have acquired a combined 53,000 clients from JPMorgan Asset Management for GBP1.52 billion.
Stockbroker Share, the parent of Share Centre, will get 20,000 clients from JPMorgan, predominantly investment trusts, totalling GBP750 million of assets under management.
"I am delighted to announce the strategic acquisition of a book of accounts we previously reported on a no-names basis is from JPMorgan, one of the world's leading global financial services firms. It is a privilege to have been chosen by the company as the best home for their investment trust customers and we look forward to helping these customers work towards their investment goals," said Share Chief Executive Richard Stone.
The transfer of the active book is expected in September. Share now has about 300,000 customers with over GBP5 billion of assets.
Hargreaves Lansdown is acquiring 33,000 retail customers representing GBP765 million. The transfer to Hargreaves Lansdown is predominantly ISA investors.
Fund supermarket Hargreaves Lansdown's investment service will host JPMorgan's open-ended investment company managed fund investors.
Hargreaves Lansdown Chief Executive Chris Hill said: "As the largest stocks and shares ISA provider, we continue to develop and improve our online and mobile services to meet the changing needs of the investor. We are pleased to support JP Morgan Asset Management’s decision and look forward to welcoming these new clients to the Hargreaves Lansdown service."
Shares in Hargreaves Lansdown were up 0.6% Tuesday at 2,040.00 pence. Share was trading down 0.5% at 26.12p.
