Invesco Perpetual is to launch a global multi-asset fund for fixed income duo Paul Causer and Paul Read alongside its equity income group.
The fund will invest in fixed income and equities and will sit in the IMA Mixed Investment 20-60% Shares sector.
The fund is an extension of the duo’s existing £2.8bn Distribution fund which they run with UK equity income manager Ciaran Mallon, who took on the equity portion of the fund following Neil Woodford’s resignation announcement in October.
Mr Causer and Mr Read will also manage the weighting between bonds and equities. The equity portion will be managed by its global equity income group led by Nick Mustoe.
Mr Causer, co-head of fixed interest at Invesco Perpetual, said the fund would be able to invest wherever the managers saw the “best value at different points in the cycle across a wide investment universe”.
“It also enables us to position the fund for capital appreciation when we see the potential for that,” he added.
The move comes shortly after Mr Woodford gained regulatory approval for his new business and confirmed that he will launch his first fund in June.
It also comes just a week after the group was hit with the fine for a series of trading and compliance breaches on 15 of its funds between 2008 and 2012.
Its breaches included exceeding the Ucits investing limits on products such as the flagship Income and High Income funds. It also failed to disclose that certain derivative investments were increasing clients’ risk, and failed to properly record certain bond trades.
The FCA said the group has now rectified the problems with its systems. Invesco has also compensated clients who suffered loss due to the Ucits breaches to the tune of £5.3m.