Legg Mason currently has 7,000 ISA clients with £65 million AUM.
Any Legg Mason ISAs eligible for transfer which have not been transferred to Hargreaves Lansdown (or an alternative ISA provider) by 15 June 2016 or voluntarily redeemed as at 12.00 noon on 30 June 2016, will be included in a bulk transfer to Hargreaves Lansdown, subject to FCA approval.
Ed Venner, Head of Global Distribution Business Management at Legg Mason, said:
“At Legg Mason our clients are at the centre of everything we do. We are aware that ISA holders increasingly value the ability to access and manage their accounts online, together with other features and functionality that our Legg Mason ISA does not currently offer. After careful consideration we have therefore decided to withdraw from offering the Legg Mason ISA with effect from 1 July 2016 and to offer our clients the opportunity to transfer to Hargreaves Lansdown or take other actions as best suit their circumstances. We believe that this decision is in the best interests of our clients and remain committed to delivering our comprehensive range of actively managed investment solutions to help UK investors save for their future.”
Ian Gorham, Chief Executive Officer at Hargreaves Lansdown, added:
“As one of the UK’s largest stocks and shares ISA providers we are pleased to support Legg Mason’s decision and look forward to welcoming these new clients to the Hargreaves Lansdown Vantage service.”
