Bristol-based Hargreaves Lansdown will be responsible for administering Jupiter’s retail investment trust savings and Isa schemes after the fund manager decided to withdraw from administering them.
Up to 5,000 retail clients with up to £60m of assets under management can choose to transfer to the Vantage platform, Jupiter’s default option, or to an alternative provider of their choice.
Richard Pavry, head of investment trusts at Jupiter Asset Management, said: “In recent years we have become increasingly aware that our investors now expect to be able to access and manage their accounts online, in real time.
“After careful consideration we have concluded that our current administration service is no longer able to meet our clients’ expectations.
“We have therefore taken the decision to facilitate this transfer in order to give our clients access to the more sophisticated tools fund platforms are able to provide.”
There will be no exit charges levied by Jupiter or Hargreaves Lansdown when clients are transferred to the Vantage service.
Adviser view
Dan Farrow, director of Essex-based SBN Wealth Management, said: “Clients do demand online, 24/7 access to their valuations, and Hargreaves Lansdown have an operation which is equipped to do that.”
