Hargreaves Lansdown has announced the impending launch of a money market fund (MMF), scheduled for 4 November.
The announcement comes following research indicating a 35% year-on-year increase of clients expressing interest in MMFs. Investment Association analysis found that retail investors placed a record £6.9bn into MMFs in 2025 and £3.8bn in the first half of 2026.
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The fund has been created in collaboration with BNY Investments. Rohan Stewart, head of UK intermediary distribution at BNY Investments, said: “We’re delighted to collaborate with Hargreaves Lansdown as the portfolio management engine for this innovative offering.
“The fund is designed to provide retail investors with a cash mandate with access to daily liquidity, attractive potential yield and one of the lowest-cost money market fund options in the market.”
Hargreaves Lansdown will offer the fund exclusively for their own clients. It will target a high yield, with 3.95% expected at launch. To enable its intended function as a cash alternative, the fund will allow daily access for same-day reinvestment and next-day withdrawals. It will also offer the lowest ongoing charge of any MMF in the UK retail market, according to the firm, at just 0.06%.
Doug Abbott, chief product officer at Hargreaves Lansdown, said: “More than 25 times as many HL clients invest in money market funds as they did five years ago, and they’re set to become even more popular once the new Cash ISA rules come into force next April.
“Money market funds have long been a core cash management tool for institutions, which have historically had cheap, easy access. Through our collaboration with BNY Investments, we’ve opened up these benefits to our clients with the HL Money Market Fund, which offers an expected market-leading net yield at the lowest ongoing charge in the UK retail market, and with same-day access.”
