Rising wealth and an ageing population provide strong support for healthcare growth, the Switzerland-based firm said as it launched a new fund to be listed in the UK.

Zurich-based Bellevue Asset Management is launching a healthcare investment trust company on the London Stock Exchange, targeting £200 million ($244.9 million) in funds.

The firm is launching the BB Healthcare Trust by the means of a placing of ordinary shares. It intends to issue a further 200 million ordinary shares and/or C shares in the 12 months after the prospectus is issued, it said in a statement.

The trust will be able to invest with complete freedom, with no limits based on market capitalisation, sub-sectors or regions, it said. The portfolio will be relatively concentrated with a limit of 35 holdings.

To prevent shares trading at a significant discount to net asset value of the fund - a typical problem with some closed-ended investment trusts - BB Healthcare will have an annual redemption option. Directors’ fees (for UK-based directors) will be paid in shares.

The trust is to be managed by Bellevue Asset Management.

"Bellevue believes that an investment in BB Healthcare will provide an opportunity to invest in global healthcare equities at a time when, given current valuations, Bellevue considers there to be potential for long-term structural growth of the market for healthcare, and at a time when macro uncertainties are impacting equity markets," the firm said.

Healthcare has long-term growth potential because of rising world wealth, increased demands from an ageing population and rising GDP, which drives healthcare spending, the firm added.