The HL Multi-Manager High Income fund will invest mainly in equity income and bond funds and is offering a starting yield of 4.5%, with income paid monthly.

Initially, the fund will have approximately 60% invested in shares and 40% invested in corporate bonds.

The fund will be run by multi-managers Lee Gardhouse and Ellen Powley.

Gardhouse said: “In the current world of income austerity, generating an attractive income from savings and investments is a challenge. Many of the traditional sources of income have evaporated, thanks to monetary policy.

“Negative interest rates have appeared in Europe and Japan, while in the US and UK central banks are back-pedalling on interest rate rises. Even once rates do start to rise, it will be a long and slow process before they return to pre-financial crisis levels.

“In the meantime, ISA investors and pension freedom investors need a sustainable rising income, and our new Multi-Manager High Income fund aims to offer these investors a solution, by blending together the cream of the crop of income managers in a single investment portfolio.”

The initial charge is 3% but this is fully discounted if bought through Vantage, Hargreaves Landown’s platform.  The on-going charge for the fund is 1.3%, while the Vantage annual management fee is 0.45%.

The deadline to invest at the £1 fixed launch price is 5pm on 13 April 2016.

Hargreaves Lansdown launched its first multi-manager fund 15 years ago and now runs £5.9bn of client money across 10 funds. The biggest is the HL Multi-Manager Income & Growth Trust, a UK Equity Income fund.

For more, read our getting started guide to multi-managers