Openwork’s asset management business, Omnis Investments, is launching a multi-asset income fund managed by Newton Investment Management.
Due to launch early this month, it will be managed by Paul Flood and Nick Clay of Newton, investing in equities, bonds, alternatives and cash.
The fund aims to a steady and sustainable level of income, while maintaining investors’ spending power over the medium term, with Openwork stating that now is the ideal time for such a strategy ahead of the April pension freedoms.
It will sit alongside three existing risk-rated model portfolios in the Omnis ‘Graphene’ fund proposition - cautious, balanced and adventurous - which comprise a number of sector strategies managed on a mandate basis.
A total of £1.2bn has been attracted by the three model portfolios from Openwork advisers since their launch last February.
Philip Martin, marketing director at the network, added: “Following a rigorous tender process it was clear that Newton was the best qualified to manage the new fund in what is a highly competitive space.”