Hargreaves challenges IA All Companies sector with 'low-cost' fund launch

First in range of managed equity funds

Hargreaves Lansdown is launching a low-cost UK equity fund next month in a bid to challenge higher fee offerings in the IA All Companies sector.

The HL Select UK Shares fund - the first of a new range of HL managed equity funds - will launch on 1 December to be managed by Steve Clayton. According to Hargreaves, the fund, which will sit alongside the company's existing £7bn multi-manager fund range, is cheaper than 90% of active funds in the IA All Companies sector, with an ongoing charges figure (OCF) of 0.6%. Initially, the fund will only be available via Hargreaves's Vantage platform, with a platform fee of up to 0.45% also applying to its ongoing charges. The company said it now plans to launch a UK Income fund and will ...