UK-based Hargreaves Lansdown is planning to expand its multi-manager range of funds by launching a new high income fund on 13 April 2016.

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Dubbed as HL Multi-Manager High Income fund, the new strategy aims to yield 4.5% a year through investments in other funds.

The fund, which will sit in the Investment Association Flexible Investment sector, will be co-managed by Lee Gardhouse and Ellen Powley.

The fund will deliver a sustainable, high income distributed monthly, through investing in equity income and bond funds. It will invest nearly 60% invested in shares and 40% in corporate bonds.

The fund will have an ongoing charge of 1.33%, while its Vantage service charge will be 0.45% per annum.

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Hargreaves said: "The fund offers the benefits of potential capital and income growth from a selection of the best equity income funds available plus seeking long-term income and lower volatility from a selection of our favourite bond fund managers.

"By blending different types of funds, constantly reviewing the portfolio, and moving between different areas of the market when more attractive opportunities emerge, we aim to deliver an impressive high income, which has the potential to grow over the long-term."