Waverton has launched a "real assets" fund, targeting a return of inflation plus 4 per cent over the medium term.
The fund was originally created to be part of the Waverton Model Portfolio Service, but is now being extended to the wider adviser market.
The model portfolios have been invested in real assets since 2010.
The fund manager defines real assets as infrastructure, asset finance, commodities and specialist lending.
The investments will predominantly be backed by tangible assets, often with some level of inflation linkage to the cash flows.
The fund is managed by James Mee and Luke Hyde-Smith.
Alan Steel, chairman of advice firm Alan Steel Asset Management in Linlithgow, said he has a distaste for most absolute return funds and groups who sense a market opportunity to launch in "attractive sectors".
He said: "Over the years it has been a good move for inflows, and a bad move for investors. If the managers want to come to us to explain, then, and only then, we might change our mind."
david.thorpe@ft.com
