Hargreaves Lansdown is entering the increasingly competitive wealth management market.
The Hallmark Wealth Management service will be launched in March and will target individuals with over £150,000 to invest.
Hallmark will compete with a growing number of banks which are vying for a share of this lucrative market, which has traditionally been the preserve of the independent adviser.
For example, Abbey Nat ional's Inscape wealth management service aims to offer face-to-face advice to the four million “mass affluent” people in the UK with over £50,000 to invest.
Hallmark is primarily targeting Hargreaves Lans down's existing clients although it will also be promoted to other IFAs with high-net-worth clients.
The service will offer various investment options, including equities, investment trusts, corporate bonds, hedge funds and a fund of funds investment boutique unit trust.
Other funds include a risk-controlled fund-of-funds managed by USbased SEI Investments.
Hargreaves Lansdown Fund Management managing director Spike Hughes says: “I do not regard the service being offered by banks as a threat. They can only offer limited choice while Hargreaves Lans down offers a bespoke port folio from the finest stable of investment houses.”