Hargreaves Lansdown is to launch a new non-advised service later this year to allow customers to invest directly in model portfolios.
In its latest trading update, published today, the company reveals plans to launch its HL Portfolio Plus service by the end of June. The portfolios will be will be rebalanced as part of the service.
The move follows the launch of three multi-manager funds earlier this year – the UK Growth, European and Asia and Emerging Markets funds.
The three funds alone have added £410m to funds under management. Total funds under management stands now at £5.8bn.
Hargreaves plans to launch other funds in the second half of 2015.
Overall total assets under administration reached £55.3bn as at 30 April, up up from £45.5bn the previous year.
Net inflows reached £2.75bn in the first four months, compared to £2.55bn last year.
Assets on Vantage, Hargreaves’ D2C platform, went from £42.9bn to £52.4bn.
Hargreaves has also seen its Financial Services Compensation Scheme levy more than double from £2.1m to £4.6m.
Hargreaves chief executive Ian Gorham says: “It is extremely frustrating that shareholders must bear such costs with the current FSCS system placing an unfair burden on reputable and blameless firms.”