Hargreaves superclean announcement due soon

The chief executive of the Bristol-based execution-only broker said the proposed shortlist of cheaper funds will be revealed by the end of December this year.

Mr Gorham said the fund tariff will aim to be “highly competitive and appeal to both the small and large investor”.

In the company’s interim management statement, released 15 October, Mr Gorham said: “We remain delighted with the results of our tender to fund managers who are seeking market-leading fund charges for clients.”

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Hargreaves will also be launching an iPad App, as well as other major initiatives that are “currently being kept under wraps” to bolster its growth plans, said Mr Gorham.

The interim management statement showed that assets under administration rose by £2.9bn to record levels from July to September. The platform now has £39.3bn AUA, with total client numbers climbing by 20,000 to 528,000.

However, Mr Gorham was forced to apologise to investors who experienced delays in applying for shares in Royal Mail last week, saying the firm would consider “any lessons to be learned for the future”.

James Norton, director of London-based Evolve Financial Planning, said: “You can see that confidence is picking up right across the board in the financial sector, with more people willing to invest, and Hargreaves is one of the leaders in this area.”