Ballie Gifford has transferred its £1.3 billion investment trust savings platform to Hargreaves Lansdown.
The scheme includes 21,000 clients in the Edinburgh firm’s ISA and children’s savings plans, who it said would be better served on a ‘specialist investment platform’, having earlier closed to new investment.
Earlier this month, Hargreaves Lansdown acquired £765 million of JP Morgan’s ISA funds. Hargreaves Lansdown has received several other transactions of this type from asset managers such as Blackrock, Jupiter, Legg Mason and Old Mutual.
Baillie Gifford has agreed with Hargreaves Lansdown that charges for the scheme’s clients will not change for three years.
James Budden (pictured), director of retail marketing and distribution at Baillie Gifford, says: ‘The increasing variety, capability and cost effectiveness of investment platforms in the wider savings market has led us to decide plan holders of our investment trust savings scheme are best served by a specialist platform.
‘We selected Hargreaves Lansdown for a number of reasons, including its ability to offer efficient access to our entire investment trust range through a broad selection of savings products.’
Chris Hill, Hargreaves Lansdown's chief executive officer, added: 'As one of the largest supporters of investment trusts we are pleased to welcome Baillie Gifford clients to Hargreaves Lansdown.'