If M is a quaternionic manifold and P is an S 1-instanton over M , then Joyce constructed a hypercomplex manifold we call P (M) over M. These hypercomplex manifolds admit a U(2)-action of a special type permuting the complex structures. We show that up to double covers, all such hypercomplex manifolds arise in this way. Examples, including that of a hypercomplex structure on SU(3), show the nec...