Hargreaves Lansdown has revealed plans to set up a new technology hub in Poland

Aiming to open in mid-2017, the office in Warsaw is part of the firm’s plans to expand its software development capabilities. The company is planning to to hire around 50 people, who will work on specific development projects.

A spokesman for Hargreaves Lansdown said the firm is looking to recruit people from Warsaw over the next few months, and could look to hire even more staff once the hub opens.

Hargreaves Lansdown said it chose Warsaw because of the Polish capital’s business culture, technology sector, communications infrastructure and the large number of English-speaking IT professionals.

Incoming chief executive Chris Hill said: ‘Our use of technology has always helped set us apart and given us an advantage over our competitors.

‘This proposed expansion is simply an extension of what we have always done. Opening a new technology hub in Warsaw will provide us with the expansion capabilities we need.’

Hargreaves has been investing in its technology over the last year to make sure the business is in shape to compete in a digital age. 

In October it hired Matt Bonetti from independent software company TransVault as its technology boss.  

However, it decided against launching a specialist robo-advice service last year after finding clients had no appetite for the service.  

The development comes after the PwC annual CEO survey found that wealth and asset managers are in danger of being 'swept away' unless they update their technology systems.