Hargreaves Lansdown has agreed to acquire £90m assets from American money manager BlackRock for an undisclosed fee.
As a part of the deal, 4,300 retail clients will move from BlackRock to the British firm’s Vantage platform. Transferred clients can move their assets either to Hargreaves’ investment trust savings plan or investment trust stocks and shares Nisa schemes.
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Post deal, BlackRock will continue as the investment manager for the underlying investment trusts but will no more offer its in-house investment trust savings plan and wrappers.
The deal is expected to be wrapped by October this year following the receipt of due regulatory approval.
Commenting on the move, BlackRock head of investment trusts Simon White 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.”
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