On April 9, 2019, Hargreaves Lansdown and The Share Centre announced they had reached an agreement to acquire up to 53,000 of J.P. Morgan Asset Management clients.Under the terms of the agreement, Hargreaves Lansdown plc (“Hargreaves”) and The Share Centre Limited (“Share Centre”) will collectively acquire over £1.5 billion in assets from J.P. Morgan Asset Management (“JPMAM”), which is winding down its direct-to-consumer business. Hargreaves will acquire up to 33,000 of JPMAM’s retail managed fund clients, largely Individual Savings Account investors, worth £765 million in assets. Existing JPMAM clients may choose to transfer their holdings to Hargreaves Lansdown for free. Share Centre will acquire 20,000 JPMAM clients, largely in investment trusts, worth approximately £750 million in assets. Further terms of the deal were not disclosed.
Hargreaves is a U.K.-based company that provides direct-to-investor investment services, including Vantage, its flagship direct-to-investor platform.
Share Centre is a U.K.-based company that provides retail stockbroker services for private investors and corporate services for companies, employees, and their shareholders.
JPMAM is the asset management division of J.P. Morgan Chase & Co. with $1.987 trillion in assets under management as at December 31, 2017.
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