Russell Investments, the US-based asset manager, is looking to enlarge its position in the UK retail market.

The firm said it is planning to develop more retail products with focus on both growth and income, as it sees a growing demand for both types in the UK.

Russell’s £760 million ($1.18 billion) Multi Asset Growth Strategy Fund, launched in December 2009, is set to be the basis for a new retail equivalent, the firm said. The growth-focused fund aims to achieve equity-like returns, but with two-thirds of the volatility of the equity markets.

Demand for income will be met by a new product, of which few details were disclosed.

Seattle-headquartered Russell Investments, which services both institutions and individuals, had $152 billion in assets under management at the end of June.