JP Morgan Asset Management (JPMAM) is planning to remove third party funds on its Wealth Manager Plus D2C platform, effective 7 March this year.
The move, which includes removal of JPMAM’s external funds, investment trusts, bonds, gilts and SICAVs, will decrease the number of funds on its platform from 800 funds across 30 asset managers to less than 100 JPM Oeics and investment trusts.
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Following the move, the clients who have invested in third party funds will continue to hold them but will not be able to buy any new funds unless they have a regular savings plan in place before March.
However, the majority of clients on the £2.6 billion platform will remain unaffected by the closure.
A JPM spokeswoman said: "Essentially, what we have found is when people come to us to use Wealth Manager Plus they want to use JPM funds and it is a very small percentage of customers that use third party funds."
JPMAM said:"We are realigning our focus on our core competencies of fund and product management across all of our business areas and, as a result of the strategic review of our direct-to-consumer business, have decided to provide only our J.P. Morgan OEICs and investment trusts to clients."
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By GlobalData
