Stockbroking giant Hargreaves Lansdown has bought £370m worth of direct client assets previously managed by JPMorgan Asset Management (JPMAM).
The fund house has decided to stop offering FTSE equities and other non JPMorgan investments to direct individual clients and will no longer run its Sipp and Cash Isa.
Instead it will offer just its range of open-ended funds and investment trusts to its clients who come direct or invest with the group through an Isa.
Hargreaves, which is taking on the clients, said there were roughly 7,000 clients moving across - out of more than 126,000 individual JPMorgan client accounts - representing some £370m of assets.
Clients who are impacted will be transfered to Hargreaves’ Vantage platform after September 25 unless they redeem their holdings or transfer to another provider.
Jasper Berens, JPMAM’s UK funds head, said the group remained “fully committed” to its existing direct clients, the move “reflects our decision to focus on our core strength in fund management”.
Mr Berens added the group had “worked closely with Hargreaves Lansdown to ensure that client needs will be well served by this transition and the move represents a significant collaborative effort to ensure an optimal solution for all those clients impacted by this business decision”.
There will be no transfer charges as a result of the move.
