The change, due to take effect in November, will open up a pool of almost 5,000 retail clients as Jupiter withdraws from running its ITSS service.
As part of the move, Hargreaves Lansdown’s Vantage has been named as the default choice for transfer of client assets, with no exit charge applicable to those who take up the option.
Affecting both regular and ISA account holders, the change could potentially benefit Hargreaves Lansdown by up to £60m in AUM, though clients may elect to use an alternative platform provider.
Citing a recent upswing in online account management, Richard Pavry, head of investment trusts at Jupiter, explained that the asset manager had to accept that it could no longer keep up with the changing landscape.
“In recent years we have become increasingly aware that our investors now expect to be able to access and manage their accounts online, in real time,” he said.
“After careful consideration we have concluded that our current administration service is no longer able to meet our clients’ expectations. We have therefore taken the decision to facilitate this transfer in order to give our clients access to the more sophisticated tools fund platforms are able to provide.”
