Hargreaves Lansdown share price: Group secures clients from Jupiter

on Jul 21, 2015
Updated: Oct 21, 2019

Hargreaves Lansdown Plc (LON:HL) is poised to take 5,000 new clients from Jupiter Fund Management Plc (LON:JUP), Bloomberg has reported. The move comes with the smaller London-listed group withdrawing from consumer savings products.

Hargreaves Lansdown’s share price rose in yesterday’s trading, adding 1.09 percent to close at 1,210p, outperforming the benchmark FTSE 100 index which closed 0.20 percent, or 13.61 points, higher at 6,788.69. The blue-chip group’s shares have added more than 10 percent over the past year. Jupiter’s share price added 1.18 percent to close at 456.10p.
Bloomberg reported last night that Jupiter had transferred 5,000 customers with about £60 million in assets to Hargreaves Lansdown. In a deal with the blue-chip retail broker, Jupiter clients with investment-trust and individual savings accounts have the option to transfer funds free of exit fees onto Hargreaves’ Vantage savings platform.

Investors “expect to be able to access and manage their accounts online, in real time,” Richard Pavry, Jupiter’s head of investment trusts told the newswire. “We have concluded that our current administration service is no longer able to meet our clients’ expectations.”
Hargreaves administers more than £52.4 billion of assets via its Vantage platform on behalf of 707,000 investors. Earlier this year, the company reported record net inflows of £2.75 billion in the four months to the end of April, as compared with £2.55 billion in the prior-year period. The FTSE 100 retail broker saw an increase of £6.2 billion of its assets under administration, while active clients on its Vantage platform rose by 40,000, slightly lower than the 46,000 seen in the four months to April 30, 2014. Hargreaves Lansdown is scheduled to report its preliminary full-year results in the beginning of September.
As of 07:57 BST, Tuesday, 21 July, Hargreaves Lansdown PLC share price is 1,210.00p.

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