Old Mutual Global Investors (OMGI) is set to hand over around 3,200 clients holding £63m in assets to Hargreaves Lansdown as it closes its Savings Accounts (ISA).
The closure of the ISA service will be effective on 27 February 2018, with the transfer of clients to take place three days prior to this.
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In addition, OMGI has also offered around 5,600 clients with assets of £136m the option of transferring investment accounts to Hargreaves Lansdown. However, OMGI will continue to manage the underlying investment funds held by clients.
OMGI managing director Warren Tonkinson said: “At OMGI, we are dedicated to ensuring investors’ best interests are at the heart of any service we offer. Therefore, following careful consideration, we have decided that our ISA investors will be best served by moving their holdings to a direct-to-consumer platform that can provide an up-to-date, online service.”
The companies have not revealed the terms of the transaction, but said that the transfer will be free of exit charges.
Hargreaves Lansdown CEO Chris Hill added: “Investor digital trends are moving rapidly with mobile access and functionality now an expectation rather than a nice to have. We are pleased to support OMGI’s decision and look forward to welcoming these new clients to the Hargreaves Lansdown investment service.”
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