The new fund has been designed to give lower cost access to a range of higher growth companies from across the globe. It proved a bigger launch than either the HL Select UK Income Shares fund (£251m) and the HL Select UK Growth Shares fund (£168m).

The group claim the fund is 86% cheaper than all active equity funds, with an ongoing charge figure of 0.6%. However, investors should note that Hargreaves Lansdown’s Vantage platform fee of up to 0.45% will also apply.

The fund will invest in around 30 to 40 names, offering diversification across industries and geographies. Investors will be able to access it from as little as £25 per month and will see all of the underlying positions in the fund, rather than just the top 10.

Hargreaves Lansdown will also provide an explanation of why each share is held.

The fund is looking for businesses that are in charge of their own destiny, which will grow through thick and thin and are not vulnerable because of issues such as high debt.

Steve Clayton, a manager on the fund, said: “We launched the HL Select fund range back in 2016 because we saw a demand for funds that offered much more communication to their investors about how their money’s being invested…

“We’ll be revealing the final portfolio later this month, and as part of the HL Select service, we’ll be regularly keeping our investors in touch with how their money is working for them, through updates delivered directly to their e-mail inbox.”