Hargreaves Lansdown is to acquire up to 7,000 clients and £370 million of assets from J.P. Morgan Asset Management.

The move has been announced this morning, with J.P. Morgan no longer offering FTSE equities and other non JPM investments to direct individual clients.

It will cease to provide the J.P. Morgan Sipp and the J.P. Morgan Cash ISA.

J.P. Morgan will in future only be offering its own range of OEICs and Investment Trusts to individual clients, invested either directly or via an ISA wrapper.

These changes will effect approximately 6% of J.P. Morgan client accounts - 7,000 out of more than 126,000 individuals.

Clients currently holding investments and wrappers that will no longer be available through J.P. Morgan Asset Management will automatically be transferred to Hargreaves Lansdown Vantage after September 25, unless they redeem their holdings or transfer to another provider.

There will be no transfer charges levied by J.P. Morgan Asset Management or Hargreaves Lansdown when these clients are transferred to the Hargreaves Lansdown Vantage Service.

Jasper Berens, J.P. Morgan Asset Management UK funds head, said: “Whilst we remain fully committed to providing excellent service to our existing direct clients, this transition reflects our decision to focus on our core strength in fund management.”

He said Hargreaves was selected after a rigorous process.

Ian Gorham, chief executive at Hargreaves Lansdown, said: “The breadth of Hargreaves Lansdown’s service means we are able to accommodate the full range of investments that these clients currently hold. We are pleased to support J.P. Morgan Asset Management’s decision and look forward to welcoming these new clients to the Hargreaves Lansdown service.”