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James Calder, who joined Barings as head of multi-manager in January, said he had been looking at the £35m Darwin Property portfolio run by Darwin Property Investment Management.

Mr Calder pointed out the growth in caravan parks derived from an industry makeover rather than the performance of the economy. "We're looking at it because it sounds unusual. They turn caravan parks into something more professional," he said.

Barings markets three funds of funds to UK retail investors: £79.6m Extended Risk, £6.2m Optimum Risk and £2.9m Reduced Risk, which target volatilities of 10-13 per cent, 7-9 per cent and 4-6 per cent respectively.

Mr Calder said multi-asset was a growth area and wanted to focus on expanding his investment opportunities. "We've spent this year kicking over as many stones as possible," he said.

His three UK-marketed funds already invest in $135m (£68.6m) EEA Life Settlements, which buys and sells traded life policies, and a mixture of other asset classes, including exchange-traded commodities, absolute return funds and structured products alongside more traditional equity and fixed income offerings.

Barings has also fully integrated the multi-manager team as a department of its multi-asset operations, hiring Mr Calder and two new analysts. "Our core focus is the multi-asset side. That's where we see the biggest growth," the manager said.

Multi-asset groups like Midas Capital Partners have maintained they can target a low volatility by investing in extremely uncorrelated asset classes. Examples in Midas Capital Partners' £56.1m Arcturus fund include EEA Life Settlements and £20m Goodwood Forestry, which invests in teak plantations.