UBS has launched a UK global income fund for the manager behind its $43 million (£32 million) Sicav Global Multi Income fund.
The UBS Global Diversified Income fund will follow the strategy of the Luxembourg-based offering and invest in sectors inclduing equity, fixed income, real estate and other diversifying income assets, such as insurance-linked securities, infrastructure and bank loans.
It will be managed by Citywire + rated Philip Brides, who runs a number of other strategies including the firm's Targeted Return and Global Allocation funds, and portfolio manager Matt Bance, who joined UBS in 2005.
The fund will target a 4.5% annual yield. Ongoing charges will be an estimated 0.93% at launch and have a minimum investment of £1,000.
The firm said it will aim to provide clients with 'greater certainty of their finances, to support their essential spending within retirement'.
Head of wholesale Andy Larkin said the fund could be a useful addition for retirement investors in drawdown or decumulation.
'This fund could have a major place within centralised retirement propositions to assist in the monthly income requirements, and also as a complementary Fund to unit encashment strategies when markets are volatile,' he added.