British stockbroking giant Hargreaves Lansdown is planning to take over Jupiter’s £60m investment trust savings and ISA businesses for an undisclosed sum.
As part of the deal, almost 5,000 retail clients representing £60m in assets under management will transfer from Jupiter to Hargreaves Lansdown.
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The agreement will see Jupiter withdrawing from administering its retail investment trust savings and ISA schemes at the end of November.
The transfer of the business to Hargreaves will provide investors with the option to transfer their holdings free of exit charges onto the Hargreaves Lansdown’s Vantage Platform.
Jupiter Asset Management head of investment trusts Richard Pavry said: "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."
Hargreaves Lansdown CEO Ian Gorham added: "We have invested heavily in improving and expanding our investment trust coverage in recent years and launched our low cost regular savings scheme. We are pleased to support Jupiter’s decision and look forward to welcoming these new clients to the Hargreaves Lansdown Vantage service."
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