Hargreaves bags £100m from its corporate wrap

It expects 16 clients to have joined by March, with four already on board, and is on track to achieve its target of 50 by June, said a person familiar with the matter.

For one of the clients, 30% of its employees have ‘self-selected’ – a step towards the targeted 50% – rather than going into the default fund, and 25% have taken up a corporate ISA.

And Hargreaves Lansdown is in discussions with 60 of the top 100 law firms and half of FTSE 100 employers over adopting the corporate wrap offering,schemeXpert.com was told. 

First reported in November 2009 byschemeXpert.com’s sister title Pensions Management, Corporate Vantage – launched in April last year – allows employees to manage their ISA, self-invested personal pension (Sipp), share and fund accounts, on the same platform. 

The employer does not pay a fee for the service, for which the provider takes an annual management charge in the form of a rebate from the fund manager. Not including the group Sipp, the corporate wrap has brought in £50m of AUM,schemeXpert.com understands. 

The company has brought eight independent advisers to build the business, and is looking to hire a further 12.

Hargreaves Lansdown is also planning to enhance its proposition with an iPhone app this year.