Vanguard platform scoops £250m in first five months

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US fund giant Vanguard has attracted more than £253m from investors since launching its platform in the UK in May.

The direct-to-consumer offering was set at a minimum monthly contribution of £100 and/or a £500 lump sum, with fees at 0.15 per cent before fund charges.

Account fees are waived above the first £250,000 invested, meaning the maximum account fee payable is £375 per year.

According to data provided to Fund Strategy, the five most popular funds sold in the first five months have been the LifeStrategy 60% Equity Fund, LifeStrategy 80% Equity Fund, FTSE UK All Share Index Unit Trust, Life Strategy 100% Equity Fund and the Vanguard U.S. Equity Index Fund.

The top-selling ETFs were led by the the Vanguard S&P 500 UCITS ETF and the Vanguard FTSE All-World UCITs ETF.

Vanguard’s UK Personal Investor service head Ryan Barrows says: “We are very happy with the way investors have embraced the new personal investor service. There’s a long way to go, but every day we see evidence of UK investors recognising the benefits of low-cost investing.

“We will continue to evolve our offering to ensure that investors receive the value for money they deserve.”

The investment firm says 36 per cent of clients on the platform are under 35 and 57 per cent of clients are under 45.