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Hargreaves Lansdown and Share acquire a combined 53,000 clients from JPMorgan Asset Management

Published: 09:41 09 Apr 2019 EDT

Funds
Share, the parent of The Share Centre, will get 20,000 clients from JPMorgan, predominantly investment trusts, totalling £750mln of assets under management

Hargreaves Lansdown PLC (LON:HL.) and Share PLC (LON:SHRE) have each acquired a combined 53,000 clients from JPMorgan Asset Management, representing funds with a total of around £1.52bn.

Hargreaves Lansdown is acquiring 33,000 retail customers representing £765mln of assets under management, predominantly ISA investors.

The FTSE 100-listed fund supermarket group’s investment service will also host JPMorgan's open-ended investment company managed fund investors.

READ: Hargreaves Lansdown posts 24% drop in new business amid market volatility, weak investor confidence

In a statement, Hargreaves Lansdown chief executive Chris Hill said: "As the largest stocks and shares ISA provider, we continue to develop and improve our online and mobile services to meet the changing needs of the investor.

“We are pleased to support JP Morgan Asset Management’s decision and look forward to welcoming these new clients to the Hargreaves Lansdown service."

Meanwhile, AIM-listed stockbroker Share, the parent of The Share Centre, will get 20,000 clients from JPMorgan, predominantly investment trusts, totalling £750mln of assets under management.

Share, which currently has about 300,000 customers with over £5bn of assets, said the transfer of the active book is expected in September.

Richard Stone, Share chief executive said: "I am delighted to announce the strategic acquisition of a book of accounts we previously reported on a no-names basis is from JPMorgan, one of the world's leading global financial services firms.

“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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