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The Balanced Managed Fund of Funds will sit in the IMA's Balanced Managed sector and have a go-anywhere multi-asset mandate. The underlying strategy, which dates back to March 2003, delivered 62 per cent against 56 per cent for the sector over five years to 30 June.

The aim is to provide a low-volatile portfolio that makes full use of its powers under Nurs.

Tom Becket, the fund's lead manager, said PSigma would initially market the portfolio to private client managers. But IFAs would be able to access it through platforms, he said. PSigma is negotiating its inclusion on Fidelity FundsNetwork, Legal & General, Standard Life and Nucleus.

"We're adding a string to our bow in terms of accessibility to external clients," he said.

Mr Becket said the fund's individual strength would be its incorporation of esoteric mandates such as hedge funds.

"We've used resources and gold, but we've looked at investments in healthcare and water recently and other areas our clients can't access."

The manager said the strategy had delivered good returns during bull markets, but that it was best at ensuring downside protection.

Although the portfolio will be a version of PSigma Investment Management's Wealth Management Solutions Service, its operator will be PSigma Unit Trust Managers.

PSigma Asset Management, the joint venture between Ian Chimes, Graham Fuller, Bill Mott and Punter Southall Group, will not be involved in the fund's operation or management.