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Hargreaves Lansdown has raised £251 million for its HL Select UK Income Shares fund, in the second biggest fund launch ever on the online stock broker's platform.
The money raised surpasses the £168 million scooped by the HL Select UK Shares fund last year, and is beaten only by the £1.6 billion raised by Hargreaves for Neil Woodford's Woodford Equity Income fund in 2014.
It marks the start of what could prove a bumper ISA season for the online stockbroker, as Woodford prepares to launch a new fund, Woodford Income Focus. Hargreaves Lansdown has secured a 0.6% fee for Woodford's new fund, cheaper than the 0.65% charge it will levy on most other platforms.
The UK Income Shares fund launched yesterday, managed by Steve Clayton, who also runs the Select Shares fund and will offer monthly income.
'There is a clear appetite for this new type of fund, offering a much enhanced level of fund manager communication with investors,' said Clayton.
'Inflation pressures and rock-bottom interest rates mean people are increasingly looking to the markets for income.'