HL Vantage clients who invest in the CF Woodford Equity Income fund – which is set to launch on 2 June – will pay a 0.6 per cent annual charge compared to 0.75 per cent charged by rival platforms.

Mark Dampier, head of research at Hargreaves Lansdown, called the lower price secured for the broker’s clients a “bargain” for access to one of UK’s best known fund managers.

“Neil Woodford has one of the best track records when it comes to adding value for investors,” he said.

“Moreover Hargreaves Lansdown has significantly reduced the cost of investing in his new fund by negotiating hard on behalf of Vantage investors, and then passing all those savings on.

“The upshot of this is investors have access to a top flight fund manager at a bargain price. I have no hesitation in adding the fund to our Wealth 150+ list of favoured funds.”

HL clients who hold money in Woodford’s former Invesco Perpetual funds have three options. They can stay with new manager Mark Barnett, switch into CF Woodford Equity Income fund prior to launch and receive the fixed offer price, or switch after the launch, which means they buy at the prevailing price, not the fixed offer price.

HL said the launch price will be £1 when the offer period for the new fund opens on 2 June. The broker must receive instructions by 5pm on 18 June. The estimated yield at launch is 4 per cent and the fund will pay income quarterly. The first income payment will be made on 31 December 2014.

The fund will be available to hold inside an ISA as well as SIPP, Junior ISA and Fund & Share account.

HL charges Vantage clients a maximum annual account fee of 0.45 per cent per annum. There are no transaction charges to buy and sell funds.