Why is the charge for a multi-manager fund higher when compared to other funds? Am I paying two layers of charges?
A multi-manager fund invests in other funds. This means you benefit from Hargreaves Lansdown's fund selection and ongoing management of the fund, so yes you do pay twice, but part of the management involves negotiating a lower charge from the underlying manager. The ongoing charge (OCF/TER) of the fund includes both Hargreaves Lansdown investment management charges (0.75%) and the charges of the underlying funds.