The UK subsidiary of the Pennsylvania-headquartered Vanguard Group has added to its fund offering.

Vanguard Asset Management has launched two new UK funds designed to complement the firm's existing range of index and active funds.

One of the funds, The Vanguard FTSE 100 Index Unit Trust, aims to benefit investors by offering low-cost access to the largest UK-domiciled companies with an ongoing charges figure of 0.06 per cent.

Similarly, The Vanguard FTSE Global All Cap Index Fund seeks to offer investors affordable access to stock markets across the globe via a single, UK-domiciled fund.

The aforementioned fund gives investors access to both the scale of larger, multi-national companies and the growth prospects of smaller companies with an OCF of 0.24 per cent, Vanguard said in a statement.

“Index investing is continuing to gain considerable traction in the UK, with assets under management in index funds more than doubling since 2012 to £122.83 billion,” said Robyn Laidlaw, head of Vanguard UK's distribution. “We continue to expand our active and index funds ranges in the UK, always with the aim of meeting the evolving needs of investors.

“These new funds provide additional options for UK investors looking to put together balanced, diversified, long-term investment portfolios, while controlling costs,” added Laidlaw.