Hargreaves Lansdown has acquired £765 million in client assets from JP Morgan, with 33,000 retail clients given the option of migrating to its Vantage fund platform.
The transaction is Hargreaves' second major client administration deal with JP Morgan following the trasfer of £370 million in client assets in 2015.
The funds largely consist of ISA investors in JP Morgan’s open-ended investment company (Oeic) funds.
Hargreaves has received eight other transactions of this type from asset managers such as Blackrock, Jupiter, Legg Mason and Old Mutual.
The firm had just under £86 billion in client assets at the end of last year and now has over a million clients on its direct-to-consumer platform.
JP Morgan Europe, Middle East and Africa chief executive Patrick Thomson said: 'Having worked closely with Hargreaves Lansdown in the past, we concluded they would be best placed to provide a high quality service to clients holding our Oeic managed funds as we cease the administration of ISA accounts.'
Chris Hill (pictured), Hargreaves Lansdown’s CEO, added: ‘We are pleased to support JP Morgan Asset Management’s decision and look forward to welcoming these new clients to the Hargreaves Lansdown service.’