Investments  

Hargreaves seals deal on 4,000 BlackRock clients

Hargreaves seals deal on 4,000 BlackRock clients

Hargreaves Lansdown has entered an agreement with BlackRock to give some investors the option of transferring their holdings free of charge.

The deal relates to investors in BlackRock's Investment Trust Savings Plan and Investment Trust Stocks and Shares Isa.

An estimated 4,300 retail clients, with over £90m in assets under management, will be eligible for transfer to the HL Vantage Platform from October 2017, subject to regulatory approval.

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BlackRock will continue as the investment manager for the underlying investment trusts, but will stop providing the BlackRock Investment Trust Savings Plan and Investment Trust Stocks and Shares Isa.

Simon White, head of UK investment trusts at BlackRock, said: “In an evolving market, we understand that many clients increasingly expect to be able to access and manage their accounts online or by telephone, rather than being restricted to a paper based system. 

“After careful consideration, we have concluded that investors will recognise the advantages provided by Hargreaves Lansdown, which offers increased functionality with mobile and online account management and dealing as well as the option to manage investments by telephone and post.”

Chris Hill, chief executive officer of Hargreaves Lansdown, said: “Hargreaves Lansdown clients now hold over £4bn of investment trusts and we continue to extend our research and coverage to help with their investment decisions.

"We help over 900,000 people manage their investments across funds, shares and investment trusts through a combination of our knowledge, expertise and technology that makes it easy. 

“We are pleased to support BlackRock’s decision and look forward to welcoming these new clients to our range of services.”