Old Mutual Isas moved to rival

SAVINGS firm Old Mutual Global Investors is shutting its Isa and investment account businesses and moving customers to rival Hargreaves Lansdown.

Around 3,200 Isa investors, with £63m, will be automatically transferred, and another 5,100 people, with £136m in accounts, will be offered the option of switching.

Old Mutual will still manage the funds but savers will be able to access them through Hargreaves’ systems. The changes will happen in February, investors’ money is safe and there will be no fees.

Old Mutual managing director Warren Tonkinson said: ‘We have decided that our ISA investors will be best served by moving their holdings to a direct-to- consumer platform that can provide an upto-date, online service.’