The fund, which will launch in October, will invest in between 25-45 stocks, with at least 80% of assets in UK-listed companies.
The pair, who currently manage over £3 billion across a number of funds including the RWC Income Opportunities, will look to capitalise on valuation opportunities resulting from market overreactions.
The portfolio will target a 4% yield and will join the IA UK Equity Income sector.
RWC head of UK sales Gary Tuffield said: 'With many managers having drifted to a growth style in recent years, the timing of this launch is of fundamental importance.
'Markets are becoming more discerning about the valuations of perceived stock market darlings, many of which are struggling to grow their earnings and are resorting to debt financed M&A to justify their multiples.
'As earnings begin to disappoint we could see a huge de-rating across many sectors which could potentially lead to significant losses.'
Ian Lance has returned 24.1% over the last three years while Nick Purves has returned 24.6%, both benchmarked against a UK Equity Income peer average of 24.4%.