Hargreaves Lansdown to launch ‘low cost’ equity funds
The first fund, HL Select UK Shares, will launch on 1 December 2016 and sit in the IA UK All Companies sector. The fund will have a concentrated portfolio of 30 stocks.
The suite of funds will be available to investors with £25 a month to invest or £100 lump sum.
Investors will be able to see every holding in the fund, not just the top 10, and a breakdown by company and sector size.
When the manager buys or sells a position, Hargreaves Lansdown will inform investors via blog entries on a dedicated area of its site as well as through a direct email.
Lee Gardhouse, chief executive officer at Hargreaves Lansdown, said: “We are aiming to provide a new type of investor experience by offering access to an expertly managed portfolio of shares, in the convenience of a fund, with a new level of investor information and insight.”
The HL Select UK Shares fund will have an ongoing charges figure (OCF) of 0.6% and a Vantage platform fee of up to 0.45%.