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As with SVM's existing multi-manager products, the two new funds will be managed by Colin McLean and Donald Robertson and will invest in closed-end funds, with some direct exposure to bonds and cash.

The Cautious Managed and Balanced Managed funds, which were first revealed in Investment Adviser (see story) in January, will follow the same strategy as the pair's existing £58m Global Opportunities fund, which sits in the IMA's Global Growth sector.

Robertson explained the funds had been designed to allow the managers to increase the aggressiveness of the global product, offering an alternative for the more risk-averse investor.

"Some of our shareholders have requested we up the ante a bit with Global Opportunities and become slightly less cautious, but we didn't want to be in a position where we departed totally from what we were doing," he said.

"We felt if we had a cautious fund it would be quite attractive to some people who didn't want more risk."

He added: "We have free switching between the funds – it is possible there might be a bit of attrition, but at that point we can increase the risk if the appetite is greater."

Both funds will have exposure to hedge funds, private equity, property and resources funds.

Robertson said initially the Cautious fund would have roughly 15 per cent in resources and hedge funds, which the managers were bullish on, while property and private equity would account for roughly 12 per cent each.

This could increase to 15 per cent in a few months as the environment for the two asset classes improved, he added.

For more information, see this week's issue of Investment Adviser (19th May).