Online stockbrokers Share and Hargreaves Lansdown have acquired over £1.5bn in client assets from J.P. Morgan Asset Management (JPMAM).
Share, the parent of The Share Centre, will take ownership of over 20,000 JPMAM customer accounts.
The accounts have £750m in assets, mainly held in investment trusts.
Commenting on the deal, JPMAM head of investment trusts Simon Crinage said: “After careful consideration, we concluded The Share Centre would be best placed to offer a comprehensive, high quality client service, with an array of features and functionality which will provide an optimal outcome for J.P. Morgan investment trust clients.”
The asset transfer is slated to commence this September.
Share CEO Richard Stone said: “It is a privilege to have been chosen by the company as the best home for their investment trust customers and we look forward to helping these customers work towards their investment goals.”
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“The acquisition of the customer base of J.P. Morgan is in line with our stated aim of growing our business through strategic acquisitions and partnerships and continues our efforts to support personal investors,” Stone added.
Meanwhile, Hargreaves Lansdown has added £765m of JPMAM assets to its books.
The move involves the transfer of 33,000 clients, primarily ISA investors.